The investment objective of the Fund is to generate returns by investing in foreign exchange and global markets. The Fund is permitted to invest in financial derivative instruments (“FDIs”), including futures, forwards and swaps, as well as UCITS eligible exchange traded commodities (“ETCs”) and exchange traded notes (“ETNs”), and money market instruments, including U.S. Treasury bills. ETNs are senior unsecured, unsubordinated debt instruments which provide access to returns based on the performance of an underlying financial product, instrument, or index. ETCs are asset backed notes that track the performance of an underlying commodity (such as gold) or a commodity index.
The Fund is actively managed. The Investment Manager’s strategy (the “FX Strategy”) is focused on the international currency markets (as set out in the “Forecasting” section of the Supplement), including emerging market currencies (without limit) and commodities, such as gold. The Fund will seek exposure to currencies primarily through the use of FDI, including foreign exchange futures and forwards. With respect to commodity exposure, the Fund will seek indirect exposures to commodities through the use of ETCs, ETNs and/or FDI, such as UCITS eligible commodity index swaps. In normal circumstances, the Fund’s indirect net exposure to commodities is not expected to exceed 25% of the Net Asset Value of the Fund.