25 Nov 2015

Temporary Differences between KIID and prospectus - US Opportunistic Long-Short Equity Fund

Following regulatory approval of the prospectus for the sub-fund in September 2015 but prior to launch on 30 Oct 2015, a correction was made to the investment policy to permit the sub-fund to hold up to 100% of its assets in cash and cash equivalents. This correction to the maximum permitted cash holding was required in order to support the sub-fund's use of financial derivative instruments.
In connection with the correction, the investment policy has further amended to clarify that the 67% exposure to US equities referred to in the prospectus is calculated based on the gross equity exposure of the sub-fund.
The KIID was amended accordingly prior to the launch of the sub-fund and the prospectus will be updated at the next available opportunity (anticipated December 2015). The Sub-Fund is managed according to the correct investment policy since launch.