Hedged

Fund objective

The Fund seeks to generate positive market neutral, absolute risk adjusted returns with low correlation to broader equity markets through utilising event driven strategies. Event driven strategies are based on announced or anticipated events or a series of events and on investing in the securities of companies that could be affected by the occurrence of such events. There can be no guarantee that the Fund will ultimately achieve its investment objective. The Fund will take both long and synthetic short positions in global equity securities utilising event driven strategies. The Fund will take long positions in respect of equity securities that it expects to increase in value and take synthetic short positions in respect of equity securities that it expects to decrease in value. Additionally, the following sub-strategies will be implemented within the Fund:  Risk-Arbitrage: Risk arbitrage concentrates on investments in the securities of companies that are involved in a takeover or merger.  Market Neutral Catalyst: The Market neutral catalyst strategy focuses on investments in anticipation of a corporate catalyst i.e. events such as corporate reorganisations, major litigation, management changes and significant asset sales, which can have a significant impact on the valuation of securities issued by the issuers which are subject to these events.  Equity Capital Markets: The Fund may also invest in new issue and secondary issued equity securities. The Fund is actively managed and it is not constrained by the benchmark, HFRX Event Driven Index, which is used for performance comparison purposes only. While the Fund may acquire securities which are components of the benchmark, it will not do so because of their inclusion in the benchmark. More information on the Fund's sustainability factors can be found in the prospectus. This Fund may not be appropriate for short-term investment and is more suitable as part of a diversified portfolio. You may sell your shares on any day when the financial markets in London and New York are open for business. As your shares are in British Pounds and the Fund is in US Dollars, fluctuating currency exchange rates may affect the value of your investment. Your shares pay you a dividend on a quarterly basis. Quarterly distributing classes will distribute out of income and may also pay out of capital which will be eroded; investors in these classes should be aware that the payment out of capital may have different tax implications to distributions of income and should seek tax advice. Transaction costs will reduce the Fund's return.