Horizon Biotechnology Fund

• companies that are included in the NASDAQ Biotechnology Index;
• companies that develop small molecule or biologic drugs subject to the approval of global regulatory agencies;
• companies that market products or services to aid in the research and development of small molecule or biologic drugs; or
• companies that are considered such by the Investment Manager.

In choosing investments, the Investment Manager aims to select biotechnology companies that he or she believes to be undervalued, with greater potential for clinical and/or commercial success than is currently reflected in market prices.

The Fund may invest in companies of any size, including smaller capitalisation companies.

Equity-related instruments may include depository receipts and derivative instruments (such as futures, forwards, equity swaps (also known as contract-for-differences), swaps and options and warrants).

The Fund may use derivative instruments for investment purposes (up to 10% of its net assets) and hedging purposes. The underlyings consist of a range of securities or indices that the Fund may invest in according to the Fund’s investment objective and policy,

The Investment Manager may from time to time consider hedging currency and interest rates exposure, but will not generally enter into contracts involving a speculative position in any currency or interest rate.

On an ancillary basis and for defensive purposes, the Fund may invest in:
• convertible bonds and associated derivative instruments;
• cash, money market instruments or derivative instruments that are used to provide downside market protection or dampen market volatility.

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