The Investment objective of the fund is to maximize absolute returns on investments through superior security selection (long and short) and asset allocation while using hedging activities to manage market risk. The Portfolio Manager for the fund is committed to capital preservation and capital growth and has implemented several layers of risk control to reduce negative volatility in individual holdings and the fund in general.

We continue to see signs that a global economic recovery is taking shape. The chart shows the leading economic indicator of the largest world economies including four of the emerging economies and as you can see, after a couple of years of lull the economic indicators are recently showing some signs of improvement.