#  OBJECTIVES & INVESTMENT POLICY
The aim of the Fund is to seek capital appreciation, relative to inherent investment risks.
The investment manager of the Fund is Selwood Asset Management LLP (the Investment Manager).
The Fund is actively managed which means that the Investment Manager is actively making investment decisions for the Fund. The Fund is not managed in reference to a benchmark.
The Fund invests in a range of financial instruments which mainly reference credit indices such as iTRAXX Main Index and Markit CDX North America Investment Grade indices and companies based in Europe and North America. These financial instruments include total return swaps (agreements to exchange a particular asset for the performance of another over a set period of time), credit default swaps (agreements where one party covers a potential loss with reference to a debt instrument in return for a periodic payment), options (agreements where one party has the right to buy or sell a financial instrument at a particular price within a fixed term) and tranches on such credit indices (agreements where one party covers a particular portion of the potential loss on an index in return for a periodic payment).
The Fund invests in credit opportunities that the Investment Manager considers will generate returns (long positions) and bets against (take
short positions) credit opportunities it believes will drop in value, independent of the performance of the market generally. The Fund aims to be market neutral (meaning that it uses financial contract (derivatives) to seek to achieve an effect that performance of the Fund is neutral to the effect of the market increasing or decreasing). Th Investment Manager seeks to identify investment opportunities where it believes that the current market value of the investment does not reflect the inherent value of the investment.
The Fund uses various risk management techniques to seek to achieve its objective relative to the risks inherent in the portfolio.
As well as using financial contracts (derivatives) to efficiently manage the portfolio and with the aim to reduce foreign currency exposure in respect of the assets (hedging), the Fund will use derivatives for investment purpose. The gross leverage is not expected to exceed 3500% of the value of the Fund.
The Fund, which is calculated in Euro, may use hedging to try to reduce the effect of foreign exchange rate fluctuations where investments are denominated in currencies other than Euro.
No dividends will be paid on your shares.
You may redeem your investment on demand on a weekly basis.

Translation (ENES, 2022-02-16):
#  OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo del Fondo es lograr una revalorización del capital, en relación con los riesgos de inversión inherentes.
El gestor de inversiones del Fondo es Selwood Asset Management LLP (el
«Gestor de inversiones»).
El Fondo está gestionado activamente, lo que significa que el Gestor de inversiones adopta de forma activa las decisiones de inversión relativas al Fondo. El Fondo no se gestiona con referencia a ningún indicador.
El Fondo invierte en una gama de instrumentos financieros relacionados principalmente con índices de crédito como el iTRAXX Main y el Markit CDX North America Investment Grade, así como con compañías radicadas en Europa y Norteamérica. Estos instrumentos financieros incluyen swaps de rentabilidad total (contratos para intercambiar un activo concreto por la rentabilidad de otro activo en un periodo de tiempo predeterminado), swaps de incumplimiento crediticio (credit default swaps) (contratos en los que una parte cubre la pérdida potencial con referencia a un instrumento de deuda a cambio de un pago periódico), opciones (contratos en los que una parte tiene derecho a comprar o vender un instrumento financiero a un precio determinado dentro de un plazo fijado) y tramos en dichos índices de crédito (contratos en los que una parte cubre una determinada proporción de la pérdida potencial en un índice a cambio de un pago periódico).
El Fondo invierte en las oportunidades de crédito que, en opinión del Gestor