Investment Objective
The investment objective of the Fund is to provide positive returns over a 3 year period, regardless of market conditions.
Capital invested in the Fund is at risk and there is no guarantee that the investment objective will be met over a 3 year, or any other period.

Investment Policy
The Fund will seek to achieve the investment objective by investing in a portfolio of stocks that is, at times, concentrated (meaning, at times, around 35 stocks).

Typically, at least 50% of the Fund’s exposure to long and short equity positions (in aggregate, including equity derivatives) will be to companies of any size, in any industry, that are listed on any UK or European stock exchange. Up to 50% of the Fund’s long and short equity exposure (in aggregate, including equity derivatives) may be to non-UK or European companies of any size and in any industry.

The Fund may also invest at the Investment Manager’s discretion in other transferable securities, such as exchange traded funds, exchange traded commodities and exchange traded notes, derivative instruments and (subject to a limit of 10% of the value of the fund) collective investment schemes, within the restrictions set out in Appendix 3 of this Prospectus.

Any such exposures could be gained by direct investment or through collective investment schemes or derivative instruments.

In pursuit of its investment objective, all or a substantial proportion of the Fund's assets may consist of cash, near cash, deposits, warrants and/or money market instruments.

The Fund may use derivatives and forward transactions for the purposes of meeting the investment objective or efficient portfolio management. The use of derivatives is expected to be significant in respect of short positions held by the Fund. However, the derivative exposure is expected to be non-complex, with all short positions in individual stocks being through CFD swaps that will have a 1:1 exposure to underlying equities.

Prospectus

Application Form

Financial Statements

Assessment of value statements are published annually for this fund - These reports are useful to give an overview of how the Fund has performed in comparison to industry comparators.

TCFD Reports

Share Classes:

The fund's valuation point is 12.00 every business day.

The latest net asset value per share is as follows:

Past performance is not necessarily an indication of future results

Questions and Queries

For frequently asked questions or further information about your holdings or this fund please:

Email the Fund Team argonaut@valu-trac.com or call us on: 01343 880 344 and quote the fund name.