Vantage World

Equity Fund

Fund Investment Objectives

Objectives: 1) To meet the needs of investors who wish to allocate a portion of their assets to global equities; such investors wish this portion to be fully exposed at all times to the benefits and risks associated with investing in global equities, and 2) To exceed substantially, over any three year period, the returns of the investment benchmark without exceeding its volatility. Approach - To invest for the long term in a focused portfolio of shares in major companies, selected from a global universe principally on fundamental criteria. Investment Process 1) Investment Approach a) To remain fully invested in a focused global portfolio of shares in major corporations selected on: I) Fundamental valuation ii) Supportive technical action iii) Expectation for improving earnings b) Investing for the long term in above average companies when their valuations do not appear to fully reflect their future earnings potential c) The fund's portfolio turnover is expected to be less than 50% per annum 2) Currency Overlay a) Implemented independent of the stock decisions b) While the manager recognizes the global currency composition of the world index, the Fund's currency deployment will frequently differ from its equity allocations, as a result of the manager's currency outlook