Fund Investment Objectives

The Fund invests in long and short positions in securities listed or to be listed on the Australian Stock Exchange. All positions are driven by fundamental research which incorporates both bottom up stock specific research and top down macro theme analysis. The process utilises in depth stock research from Agora's internal analysis to identify the best risk adjusted long and/or short trading opportunities based on expected share price movements. The mix of long and short positions is entirely reliant on the number of opportunities identified and can vary significantly depending upon market conditions. Agora AM is a very active manager and likes to be able to act quickly at all times so this sees the Fund have a bias toward more liquid (large capitalisation) stocks as these provide greater liquidity and therefore meaningful opportunity for Agora's concentrated positions and size. The portfolio usually invests in no more than 20 stocks. Position weights are typically between 2.5%-5% of fund value with the same position size and risk management parameters applied equally to both long and short positions. The portfolio benefits equally over time from short term (20 days) trading opportunities and medium term (2 quarters) investments. Total fund equity exposure is unconstrained and is an outworking of the bottom up, stock specific positions identified.