Fulcrum

Fund Investment Objectives

Fulcrum Alternative Beta Plus ("FAB+") seeks to capture absolute returns from a combination of diversified risk premia and trading strategies, whilst hedging against large losses. All major global currency, equity, commodity and fixed income markets are traded. The fund targets a volatility of 7-9% and a low long term correlation with traditional asset classes, such as equities and bonds. FAB+ is available as both a Cayman fund and a Luxembourg domiciled UCITS fund.The Fund takes directional views on all the assets classes in which it invests. At times, part of (or all) beta to a particular asset (equities, currencies, commodities, and bonds) may be hedged. Investments are made within fixed income, commodity, equity and currency markets. The typical number of positions varies between 30-60. The current maximum number of positions is 80 and the minimum number of positions is 20, which occurs when the active portion of the fund is in cash. Asset and model specific constraints are applied, to limit the net long and short exposure to equities, commodities, currencies and bonds. Over time, the beta to each asset class is biased to be long due to the passive beta portion of the fund. However, betas do vary significantly, primarily due to the active trading component of the fund. The Fund invests globally, across a wide range of developed and emerging markets.