Visio I Fund

Fund Investment Objectives

Fundamental Long/Short equity investment process with a value bias. The Fund targets positive returns on capital invested, irrespective of market conditions. Investment decisions are based on in-depth research of company and sector fundamentals. The Fund has limited derivative positions and material individual directional exposures, and it has always been net long. USD/Rand net equity exposure is hedged via a debit facility provided by the prime broker. The net currency hedging cost approximates 3% to 4% p.a. Strategies employed: 1)Individual long and individual short positions, 2) Particular sector exposures, 3) Event driven positions -takeovers, mergers, LBO's, 4) Arbitrage - long term (correlated and uncorrelated), and 5) Listed debt instruments.