The Fund attempts to achieve long-term capital appreciation with limited volatility by investing the assets of the Fund in Investment Funds pursuing a number of investment strategies selected, advised or managed by a number of Underlying Managers, all of which are seeking to benefit from the development of Greater China's economy and capital markets. The Fund seeks diversification through investment in a diverse range of Investment Funds that primarily pursue alternative investment strategies. The Fund attempts to capture the majority of the upside (while attempting to limit the downside risks inherent in Greater China's rapidly changing economic and political environment) of the returns both within the Greater China markets and in asset classes whose valuation is highly dependent on those markets. Returns between April 2007 and July 2012 are based on the performance of the Caliburn Greater China Fund, the assets of which were transferred to the Hermes BPK Greater China Fund on 31 July 2012 following the assumption of management of the Fund by Hermes BPK Partners LLP from Caliburn Capital Partners LLP on 30 June 2012. The Hermes BPK Greater China Fund was launched on 1 August 2012 at a new NAV of $100.