The Fund’s objective is to generate an absolute return of 5% annualised, over the recommended minimum investment period of three years. The Fund will aim to generate positive returns irrespective of overall market direction, via long and short positions. At any point in time, the number of positions in the Fund is expected to range from 5 to 60. The Fund runs a contrarian systematic equity strategy which uses two types of trading models: trend and reversal. Reversal models attempt to capture a change in trend (turning points) while trend models are designed to exploit sustained directional price moves. The reversal models will have on average a gross 60% weighting compared to the trend models, which typically carry a 40% weighting. The strategy is implemented via a large and liquid equity markets universe, including global and country specific indices and sectors.