GaveKal Investments (Dynamic

Futures Fund)

Fund Investment Objectives

The GAVEKAL DYNAMIC FUTURES FUND will use a multi-disciplinary systematic approach (The Model) to achieving capital growth by taking exposures through equity indices futures listed or traded on recognized exchanges worldwide. The Model is based on a multi-disciplinary Trend Following System, which also includes: 1) A Reversal component to time the change of trend; 2) A "Sentinel" which anticipates when the Model could suffer: 3) A "Varweight" feature which reduces the exposure implemented by the Model once it goes through unexpected turbulences; 4) A Lock-in Feature which tries to counter two identified mean-reversion effects; 5) A complementary short term trading system which limits the losses when the short term trend is overextended.