The investment objective of LOYS Global MH is to generate positive absolute returns on a yearly basis. The investment strategy of the Fund is targeted to taking advantage of undervaluations of individual stocks on the international markets. The investment universe thereby is not restricted to specific countries or sectors; in principle any company globally can be a potential investment. On the basis of a fundamental analysis of a company, the Fund shall invest in company stocks that appear, if possible, significantly undervalued. Thereby the different stocks are weighted individually whereby the foremost criterion shall be the absolute attractivity of the company which shall be measured by the degree of the undervaluation established. The Portfolio Manager shall neither require a minimum number of different stocks in the Fund nor set a maximum limit for the weighting of an individual stock in the Fund. The composition of the Fund shall be exclusively dependent on the number and the attractivity of the available stocks. Accordingly, the Fund does not at any time have to be fully invested in stocks: whenever the Portfolio Manager does consider there are not enough or no investment opportunities at all that appear sufficiently attractive, the Fund will partially or fully (including up to 100 % of the value of the Fund) invest in liquid assets, e.g. in money market instruments. Altogether, it is therefore to be expected that the Fund shall show a concentration of a comparatively small number of different stocks which in turn may be weighted very differently. In addition, the Fund may over time have very different compositions. The Portfolio Manager may also short sell stocks it considers being overvalued (or enter into derivative positions to that effect) and may leverage the Fund (through borrowings or the use of derivatives). However, the Portfolio Manager does not intend to primarily use these possibilities. Usually, the predominant part of the Fund shall therefore, as described above, consist of long positions in the equity markets. The permitted leverage of the Fund is restricted to 200% of the value of the Fund. Consequently, the Portfolio Manager does consider the primary difference between the LOYS Global MH fund and a traditional equity fund to be (besides a higher concentration) the possibilities of holding up to 100 % of the Fund in liquid assets, a high and possibly very much diverging weighting of individual stocks in the Fund and a correspondingly higher risk inclination of the Fund.