Odey European


Fund Investment Objectives

The investment objective of the Fund is capital appreciation through trading and investing in European securities, bonds and currencies and related financial instruments and, subject to the limit below, non-European securities. The Fund may also invest in the following: (a) financial instruments including futures, options and warrants, often making use of leverage and may enter into swaps, repurchase and reverse repurchase agreements and stock lending transactions; (b) forward foreign currency exchange contracts and may purchase and sell currency options, currency futures contracts and related instruments; (c) unquoted securities, commodity futures, government bonds, other fixed-interest securities, preferred stock and monetary instruments and may hold cash on deposit pending reinvestment; (d) units in collective investment schemes; and (e) non-European securities up to a maximum of 20 per cent of Net Asset Value.