Renminbi Bond Fund - GBP

Class B

Fund Investment Objectives

The Renminbi Bond Fund will make use of a variety of different fixed income asset classes to meet the return objective. The Fund will combine top-down macro analysis with bottom-up bond selection. Using proprietary models at various key stages of the process enables the managers to streamline both the asset class and bond selection decisions. All non-US currency exposure is hedged back into either US or Asian currencies as appropriate. The Fund believes Asian credits are generally mispriced owing to their limited representation in the global bond indices that are frequently used for benchmarking bond portfolios. In the case of the Renminbi, intervention by the central bank distorts the value of the currency, causing the currency to be more undervalued than would be the case under a market-driven FX regime. Management fee: 1.50% (reduced to 0.50% for first 6 months.) AUM represents all share classes and is reported in USD. Minimum Investment is in GBP.