The Underlying Fund can invest in any country that is a member of the MSCI ACWI Index. Long or short exposure can be achieved by holding these securities directly or via equity swaps. The Underlying Fund may use exchange-traded funds and both exchange-traded and over-the-counter equity derivatives including equity swaps and equity index products associated with the countries in which the Fund invests. Currency forward contracts and spot foreign exchange are used to manage currency exposures.
The Fund is classified as a hedge fund in accordance with the Australian Securities and Investments Commission, Regulatory Guide 240 ‘Hedge funds: Improving disclosure’. This classification is based on the fact that the Fund currently exhibits two or more characteristics of a hedge fund, being:
- complexity of investment strategy or structure;
- uses of leverage;
- uses of derivatives;
- uses of short selling;
- charges a performance fee.
This information contains general information only and is not intended to represent specific investment or professional advice. The information does not take into account an individual’s personal financial circumstances, objectives or needs. Before making an investment decision, you should consider obtaining professional investment advice that takes into account your personal circumstances and should read the current target market determination and offer document before making an investment decision to acquire or to continue to hold units in the Fund.