Horizon Fund

Fund Investment Objectives

The Fund is a long only equity fund focused on the Middle East and North Africa. The Fund's core investment strategy involves identifying secular themes that will create a positive structural change in the cash flow generation capacity of underlying businesses. The Fund actively invests in businesses that trade significantly below what we believe is their intrinsic value, which typically arise either from the markets' failure to identify a secular theme or its underestimation of the impact of that theme(s) on the cash flow generation capacity of the underlying business(es).