Investment Approach

Investment Universe

• U.S.–listed exchange-traded funds (ETFs) and listed U.S. equities only.

Why Listed U.S. Markets

• Liquidity and transparency on recognised exchanges.
• Operational clarity around pricing at the official close and dealing processes.
• Implementation discipline via documented cut-offs and daily reconciliations.

How We Implement

• Execution & pricing — Orders routed via approved brokers/custodians; portfolio valued at the official exchange close with secondary checks for stale prints; daily reconciliations.
• Portfolio construction — Emphasis on liquidity, clarity, and benchmarkability. Specific limits, fees, and rebalancing rules (if any) will appear only in authorised offering documents once available.

Key Risks
The approach described on this page involves risks that are material and may differ from those associated with other types of investments. A non-exhaustive summary is set out below. A fuller description of risks will be provided in the relevant authorised offering documents.

• Equity market risk – Investments in U.S.-listed equities and exchange-traded funds (ETFs) can fluctuate significantly in value due to issuer-specific events, broader market movements, interest rate changes, geopolitical developments, and other factors. Investors may lose some or all of the capital they invest.

• Sector and concentration risk – Depending on portfolio construction and mandate constraints, exposures may be concentrated in particular sectors, factors, geographies, or instruments. Concentration can increase volatility and the impact of adverse events affecting those exposures.

• Currency risk – Where an investor’s base currency is not the U.S. dollar, movements in exchange rates between the U.S. dollar and the investor’s base currency may increase or reduce the value of investments and any returns when converted back to that base currency.

• Liquidity and trading risk – Although U.S.-listed equities and ETFs generally trade on developed markets, there can be periods of reduced liquidity, wider bid-ask spreads, or trading halts that affect execution prices and the ability to enter or exit positions at desired times or sizes.

• Operational and counterparty risk – The strategy depends on the proper functioning of internal processes and systems and on third-party service providers (such as custodians, administrators, brokers, banks, and technology vendors). Failures, errors, or disruptions at any of these parties, or cyber and information-security incidents, may adversely affect implementation and outcomes.

• Regulatory and tax risk – The strategy and the vehicles used to implement it are subject to legal, regulatory, and tax frameworks in multiple jurisdictions. Changes in laws, regulations, interpretations, or enforcement practices, or in tax rules and their application, may adversely affect the strategy, the vehicles used, or investors’ after-tax results.