Sturgeon Central Asia Fund

Class B

Fund Investment Objectives

The investment objective of the Fund is to seek to deliver capital and income appreciation. It is intended that the Company will seek to achieve the investment objective of the Fund principally through investment, both long and short, in equity and debt securities of companies or issuers which are predominantly established in Central Asia and/or the equity and debt securities of such companies or issuers which are listed or traded on or in any central Asian market. In implementing its investment policy and without limiting its general investment powers the Fund: 1) May invest up to twenty percent of net asset value directly in real estate; 2) May invest up to forty percent of net asset value outside of central Asia. The portfolio reflects our macro view, an absolute return approach which seeks to deliver return over the medium-term in all market conditions and our bottom-up research. In terms of its multi asset class approach, we follow various strategies; 1) Fixed Income strategy: Depending on market conditions, this part of the portfolio represents approximately half of the fund and invests in high yielding debt instruments in particular in Azerbaijan through bonds and bank deposits. Depending on our views, the Fund may gain exposure on foreign (Central Asian) currencies. 2) Listed Equity/Stock picking (between 20% and 60%, typically about 30%): Traditional stock picking, with a slight macro overlay. Most of the companies are either listed or based in Kazakhstan. Other main markets include Russia, Turkey, Uzbekistan, Georgia, and Azerbaijan. 3) Private Equity/ Illiquid Investments/ Special Situations: Higher risk/return profile, longer holding period, the Fund may also have an active role in helping the company grow. This part of the portfolio is necessary as the markets are small and not developed. Typical exit strategy is IPO on major western market or sale to strategic partner. The Company may also seek to achieve the investment objective through investment in futures, options and through the use of other derivative instruments. The Company may also invest in, or in relation to, real estate. The Company may also utilize currency hedging. Some investments may be illiquid and may have an investment horizon of up to 5 (five) years. The Fund's investments may be quite concentrated from time to time. AUM reports combined share classes, Master assets.