The Fund adopts a high conviction, long-only stock picking approach that invests in the listed equity of 20-45 companies around the globe, which we believe will: • Create shareholder wealth as a result of intentional management strategy and/or superior business models; • Are priced at a signifi cant discount to conservative estimates of cash-based, long-term intrinsic value; and • Demonstrate a reasonable investment ‘margin of safety’ in the analysis of the above two attributes.