Investment Characteristics

• The Fund was set up to invest globally in liquid equities across the general industrial sectors, including among others: basic materials, mining, construction, homebuilding and transport.
• The Fund was set up to focus on well-run companies with healthy balance sheets, robust business models and sustainable competitive advantages.
• The Fund was set up to invest only in businesses whose intrinsic value we have understood well and which offer a significant return potential combined with a relatively low-risk investment profile.
• Investments are expected to benefit from periodic significant value dislocations / deficient market pricing associated among others with:
  1. Market sentiments; and 
  2. Occasional lack of understanding on the part of investors about underlying fundamental values of some companies in the space.