The Gems Recovery Portfolio seeks to achieve superior risk adjusted performance over a market cycle. The Portfolio aims to capture returns without undue risk by investing in opportunities that are derived from the process of corporate change throughout different phases of the economic cycle. Recovery is invested mainly in credit-related (including distressed), event driven and value strategies. It emphasises managers that have the expertise necessary to understand companies' fundamental value and the complexities of capital structures, as well as to profit from corporate changes, such as bankruptcies and restructurings, refinancings, mergers and acquisitions. Over time, strategy allocations in Gems Recovery are adjusted to take advantage of the different investment opportunities that arise at each stage of the market cycle. The Portfolio is able to use a wide range of vehicles and instruments for the expression of Gems' investment views, as well as overlays to protect the Portfolio.AUM reflects the aggregate of the various share classes and is only provided through December 2012.