Wavebreaker Fund

The Investment Manager adopts a dynamic asset allocation strategy driven by discretionary and quantitative elements. The exposure to different asset classes and products is adjusted in response to technical and fundamental factors with the aim of providing a steady return throughout the business cycle.  The Fund is comprised of two main strategy components: a commodity trading advisor (“CTA”) type strategy and an active asset allocation strategy (“AAA”). The weights between the two strategies are decided by the Investment Manager based on the assessment of the outlook for each strategy, with an expected notional weighting of 50% of Net Asset Value to each strategy over time, but with significant variation in this allocation in the short and medium term.