North of South Emerging

Markets Fund - B

Fund Investment Objectives

Macro overlay in combination with bottom-up stock picking. Identify mispricing of equities against their fixed income equivalents. Key focus of macro analysis is trends in the cost of capital and credit spreads. Analyzing and interpreting existing data to recognize relevant trends. Daily company visits/ meeting management and independent research at the heart of stock selection. Quantitative screening used to narrow down investable stock universe. This share class not open to US investors who are not eligible for hot issues.