The investment objective of the Fund is to achieve a positive absolute return over rolling 3-year periods after deduction of fees, irrespective of market conditions. Capital invested in the Fund is at risk and there is no guarantee that a positive return will be achieved over any 3-year rolling periods or any other time period.

The Fund seeks to achieve the investment objective by taking long and short positions primarily (70%+) in equities or equity related instruments and related financial derivative instruments (derivatives) of UK companies of all market capitalisations.

A long position may be held directly by investing in the underlying instruments or synthetically (i.e. not through direct investment in underlying instruments) through the use of derivatives. A short position will be held synthetically using derivatives. The Fund may, at any one time, be significantly exposed to financial derivative instruments (both listed and over-the-counter), including equity and equity index futures, swaps, contracts for difference, options, warrants and bonds convertible into equity.

The total number of individual positions (long and short combined) in the Fund's portfolio will typically be 15 - 35. The relatively concentrated portfolio means that the impact of a change in the price of an individual security may be more pronounced and the fluctuation in the net asset value of the Fund larger than in a more diversified fund.

While the Fund's focus will be on UK equities (and related derivatives), a substantially smaller proportion, and no more than 20% of the Fund's total exposure at any time may consist of long and short positions in European and global equity instruments and related derivatives. In addition, the Fund may also have exposure to a wide range of other instruments, including fixed interest securities, units in collective investment schemes (including exchange traded funds (ETFs)), money market instruments and deposits, cash and near cash instruments in sterling and foreign currencies.

The Fund is generally expected to have the majority of its portfolio exposed to instruments other than cash, however, the Investment Manager intends to manage the cash position actively as it sees appropriate given the market conditions, alternative opportunities and its attractiveness relative to other asset classes. Up to 100% of the Fund's asset value may be held in cash or near cash instruments.

The Investment Manager uses its discretion as to whether and in what manner it will hedge any non-sterling exposures of the Fund arising as a result of the underlying investments being denominated in, or having economic exposure to, foreign currencies. The Investment Manager may use derivatives to implement any such hedging strategy.

Further information can be found at clearpeak.co.uk.

Prospectus

Application Form

Financial Statements

Assessment of value statements are published annually for this fund - These reports are useful to give an overview of how the Fund has performed in comparison to industry comparators.

The latest net asset value per share is as follows:

Past performance is not necessarily an indication of future results

Questions and Queries

For frequently asked questions or further information about your holdings or this fund please:

Email the Fund Team clearpeak@valu-trac.com or call us on: 01343 880 344 and quote the fund name.