The 36 South Cullinan Fund

Class A EUR

Fund Investment Objectives

The 36 South Cullinan Fund was developed based on a global macro premise that the current provision of liquidity to financial markets through government programmes, historically low interest rates, tax cuts and fiscal stimulus packages will lead to significant asset price inflation in time. The underlying philosophy of The Cullinan Fund is that global inflation has moved from an improbable to a probable event given recent macro developments. This is a tail risk fund that will provide portfolio protection against a significant global inflation event by making large returns in exceptionally high inflationary scenarios. The 36 South Cullinan Fund was launched 1 March 2011. This is a EUR denominated Fund that mirrors the Cullinan SPC which was closed on 28 February 2011 and was USD denominated. The options portfolio was transferred to the new Fund and the strategy remains the same.