Our investment manager strives to deliver superior risk-adjusted returns measured in US dollars with an emphasis on capital appreciation.

The fund will seek to achieve its objective primarily by locating, analyzing and investing in new emerging enterprises, as well as established private growth-orientated enterprises in emerging markets, which are expected mainly to be those in Southeast Asia, Africa and Latin America and to hold and sell, distribute or otherwise dispose of the securities of such enterprises to produce, over a medium to long-term investment cycle of 2 to 10 years, significant capital appreciation.

Our investment selection involves both a technical and quantitative analysis. On the long side, the fund will focus on growth stocks. Investments are primarily in equities and fixed income, as well as a variety of securities ranging from promissory notes, shares in other investment vehicles and unlisted companies, notes, debentures and other obligations, rights and options to purchase and sell securities, convertible bonds, intangible properties and real assets.

Leverage and the use of derivatives are not utilized within the fund, and borrowings against fund assets are not permitted.

The core of our style is estimating the intrinsic value of the assets and buying only those that are, in our opinion, most seriously undervalued. The assets, including distressed assets, may be the subject of future restructuring or renegotiation, which in the opinion of the investment manager will result in the upward revaluation of these assets.

The fund may establish subsidiaries in certain jurisdictions to invest in particular investments or in particular markets. In such instances, the fund will provide funding to the subsidiary by way of equity or debt financing, in order to enable the subsidiary to effect the relevant investment.

The fund’s portfolio will not be as diversified as other investment funds. As a result the fund’s investments may be subject to more rapid changes in value than would be the case if the fund were required to maintain a wide diversification among investment styles and types of securities and other instruments and countries and industries. Therefore, the fund’s portfolio securities may be more susceptible to any single economic, political or regulatory occurrence than the portfolio securities of a diversified investment company.