# Objectives and investment policy
1 The Fund is a concentrated long-only Fund which invests predominantly in equity securities of issuers in the People's Republic of China (the “PRC”) and of issuers which are listed on other Recognised Markets and which derive the majority of their revenues from activities in the PRC. As part of its investment, the Fund may invest directly (through trading via Stock Connect or the qualified foreign institutional investor regime) or indirectly (through financial derivative instruments) in China A Shares.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets) (“FDI”)) to achieve the investment objective, for efficient portfolio management purposes and for hedging against anticipated movements in a market or security. The use of FDI may multiply the gains or losses made by the Fund on a given investment or on its investments generally.
1 The Fund may actively use FDI to achieve the investment objective, for efficient portfolio management purposes and for hedging against anticipated movements in a market or security.
1 The Fund may also invest in a number of other assets including currencies, money market instruments, bonds, other fixed income investments, eligible collective investment schemes and other liquid assets.
1 The Investment Manager typically applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 Benchmarks. The Fund is actively managed and does not intend to track the MSCI China Index (the “Benchmark”). The Benchmark will be used by the Fund for risk management purposes. The risk management function of the Investment Manager will perform additional monitoring of positions in the Fund relative to weights in the Benchmark. Other risk monitoring may include tracking error and or relative Value at Risk (VaR) versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. The Benchmark does not define the investment universe of the
Fund and the Fund may actively invest in assets and / or entities which are not included in the Benchmark and does not seek to invest in all, or substantially all, of the positions within the Benchmark. The Benchmark is also used for performance comparison purposes.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (“SFDR”) on sustainability-related disclosures in the financial services sector.
1 The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities.
1 The Investment Manager may invest in companies across all market capitalisations and may seek to invest in companies which provide income streams through distributions (“income”) as well as in shares of companies which it believes will increase in value (“growth”). The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies, which analysis is complimented by evaluating the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund. There is no limit on the extent to which the Fund may invest in emerging markets, including the PRC. It is not intended that the Fund will have a particular industry or sector focus.
1 The Fund seeks to provide medium to long-term capital appreciation.
1 The Fund may actively use FDI to provide investors with the currency risk associated with the underlying investments of the Fund, or of an appropriate benchmark.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.

Translation (ENDE, 2022-02-14):
# Ziele und Anlagepolitik
1 Der Fonds ist ein konzentrierter Long-only-Fonds, der vorwiegend in Aktien von Emittenten in der Volksrepublik China (die „VRC“) und von Emittenten investiert, die an anderen anerkannten Märkten notiert sind und den Großteil ihres Umsatzes mit Aktivitäten in der VRC erzielen. Im Rahmen seiner Anlage kann der Fonds direkt (durch den Handel über Stock Connect oder die Regelung für qualifizierte ausländische institutionelle Anleger) oder indirekt (durch derivative Finanzinstrumente) in chinesische A-Aktien investieren.
1 Der Fonds kann aktiv derivative Finanzinstrumente („FDI“) (d. h. Instrumente, deren Kurse von einem oder mehreren zugrunde liegenden Vermögenswerten abhängen) einsetzen, um das Anlageziel zu erreichen, zum Zwecke der effizienten Portfolioverwaltung und um sich gegen erwartete Veränderungen auf einem Markt oder eines Wertpapiers abzusichern. Die Einsatz von FDI kann die Gewinne oder Verluste vervielfachen, die der Fonds aus einer bestimmten Anlage oder generell aus seinen Anlagen generiert.
1 Der Fonds kann aktiv FDI einsetzen, um das Anlageziel zu erreichen, zum Zwecke der effizienten Portfolioverwaltung und um sich gegen erwartete Veränderungen auf einem Markt oder eines Wertpapiers abzusichern.
1 Der Fonds kann auch in eine Reihe anderer Vermögenswerte investieren, darunter Währungen, Geldmarktinstrumente, Anleihen, andere festverzinsliche Anlagen, zulässige Organismen für gemeinsame Anlagen und sonstige liquide Vermögenswerte.
1 Der Anlageverwalter wendet normalerweise eine Ausschlussliste mit kontroversen Aktien oder Branchen an, die möglicherweise mit Waffen und Munition, Atomwaffen, Tabak und Kohleförderung in Verbindung stehen.
1 Benchmarks. Der Fonds wird aktiv verwaltet und beabsichtigt nicht, den MSCI China Index (die „Benchmark“) nachzubilden. Die Benchmark wird vom Fonds für Risikomanagementzwecke verwendet werden. Die Risikomanagementfunktion des Anlageverwalters wird eine zusätzliche Überwachung der Positionen des Fonds gegenüber den Gewichtungen in