#  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 (ENFR, 2022-02-16):
#  OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
Le Fonds vise une appréciation du capital en regard des risques d'investissement inhérents.
Le gestionnaire du Fonds est Selwood Asset Management LLP (le Gestionnaire).
Le Fonds est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement actives pour celui-ci. Le Fonds n'est pas géré par rapport à un indice de référence.
Le Fonds investit dans une gamme d'instruments financiers ayant majoritairement pour référence des indices de crédit (iTRAXX Main par exemple) et les indices Markit CDX North America Investment Grade, ainsi que des entreprises basées en Europe et en Amérique du Nord. Ces instruments financiers comprennent des total return swaps (contrats en vertu desquels un actif spécifique est échangé contre la performance d'un autre sur une période donnée), des credit default swaps (contrats en vertu desquels une partie couvre une perte potentielle liée à un titre de créance en échange d'un paiement périodique), des options (contrats en vertu desquels une partie a le droit d'acheter ou de vendre un instrument financier à un prix donné dans un délai déterminé) et des tranches sur ces indices de crédit (contrats en vertu desquels une partie couvre une part donnée de la perte potentielle sur un indice en échange d'un paiement périodique).
Le Fonds investit dans des opportunités de crédit qui, selon le Gestionnaire,