Vantage Global Investment

Fund

Fund Investment Objectives

The Fund seeks to meet the needs of investors who are equally concerned with generating absolute returns as with generating relative returns. The investment approach is to invest for the long term in a focused portfolio of shares in major companies, selected from a global universe for their outstanding relative values, and to proportionately hedge the associated stock market and currency exposures when the Manager believes this to be appropriate. The Fund will not borrow, other than to finance portfolio hedges and/or to enable the orderly redemption of shares, and such borrowings will be limited to a maximum of 10% of the Fund's net assets. Investment Process 1) Stock Selection a) Minimum market capitalization of $200 million and minimum daily liquidity of $500,000 b) A condensed universe is subject to specific detailed stock research and technical examination, creating a portfolio typically consisting of 50-60 stocks 2) Market Hedging a) Detailed Macro Economic and Valuation work is undertaken to determine a view of the appropriate level of stock market exposures; markets are cyclical and stock market hedging can help manage risk, particularly at times of extended valuations 3) Underlying Currency Exposure Evaluated a) Currency exposures are managed independently of the asset decisions and in relation to the currency benchmark, with the long term aim of growing investors' purchasing power versus the major currencies 4) The Fund may also a) Sell short individual securities, or baskets thereof, in anticipation of a decline in price b) Invest in fixed income and commodities, subject to the Fund's investment restrictions