Fund Investment Objectives

The investment objective of the Company is to seek to achieve capital growth in the respective currency of each Class by taking long and short positions primarily in Japanese equity securities. The Investment Manager will strive to produce this capital growth with a low correlation to, and lower volatility than, the Japanese equity markets. Under the supervision of the Directors, the Investment Manager will seek to implement this objective in accordance with the Investment Philosophy and Investment Approach set out below and will also manage the net and gross exposures of the Company in seeking this objective. The Investment Manager will seek to hedge, so far as is practicable, any exposures that are not denominated in the currency of the Class of Shares to which such exposures relate. AUM reflects all currency classes.