The criteria the Investment Manager uses for assessing value are subject to change from time to time. In assessing value, the Investment Manager may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer's industry. Securities are considered value stocks primarily because a company's shares have a high book value in relation to their market value. The definition of minimum market capitalisation for a company will vary in each country or region and may change due to market conditions. For example, the Investment Manager defines the minimum market capitalisation for a company in the Eurozone as of 31 December 2017 to be USD 50 million at the time of purchase. The Investment Manager then defines the minimum market capitalisation for a company in that country or region. In each country or region authorised for investment, the Investment Manager first ranks eligible companies listed or traded on selected exchanges based on the companies' market capitalisations. The eligible universe of securities that the Fund intends to invest in will generally be comprised of companies listed or traded on selected exchanges on Recognised Markets. A company's market capitalisation is the number of its shares outstanding times its price per share. A company’s size is generally determined based on its market capitalisation relative to other companies in the same country or economic region. The equity component of the Fund will generally have a greater emphasis on smaller companies and in shares which the Investment Manager deems to be value companies, and a lower emphasis on larger, growth-oriented companies, in each case, as compared to their representation in the general equity market universe. Periodically the Investment Manager will review the allocations for the Fund in the underlying securities and may adjust allocations to the underlying securities or may add or remove securities in the Fund without notice to shareholders. Generally, the Fund invests its assets in equity securities in global markets and fixed income securities in developed countries to achieve an allocation of approximately 60% to 100% (with a target allocation of approximately 80%) of the Fund's assets to equity securities and 0% to 40% (with a target allocation of approximately 20%) of its assets to fixed income securities. The Investment Manager may invest up to 100% of the Fund's assets in such collective investment schemes. Investment Policies The investment policy of this Fund is to invest in equity and equity-related securities including, without limitation, common stock, preferred stock and depositary receipts of companies traded on Recognised Markets in global developed and emerging market countries and fixed income securities of issuers in global developed countries and/or in collective investment schemes which provide exposure to such equity and/or fixed income securities, which the Investment Manager deems eligible, as described below. Any policy required hereunder shall provide that such policy shall not be cancelled without at least fifteen (15) days' prior notice to the participating Parties. Failure of a participating Party to request evidence of the joint policy shall not release Developer of the obligation to obtain the joint policy. Developer hereby agrees to deliver to the participating Parties copies of said insurance policy, or a certificate of other document evidencing its existence, on or prior to the commencement of the term hereof, and thereafter not less than fifteen (15) days prior to the expiration dates of the expiring policy or policies during the term hereof. The premiums for said policy shall be apportioned between the participating Parties, in the proportion which each contributes to the total risk insured by said policy, as determined by the insurer. Developer shall be designated the agent of the participating Parties so electing for the purpose of obtaining such insurance, provided that the approval of the participating Parties as to the insurer, terms and cost shall first be obtained. Joint Policy. Developer and the Department Store may elect to satisfy their obligation under paragraph (d) through joint comprehensive general liability insurance covering the Common Areas and the Enclosed Mall in the Shopping Center, such insurance to afford protection to Developer and the Department Store as additional insured in the event that Dillard elects self-insurance on the Department Store Buildings, and to both Developer and the Department Store as named insureds in the event no such election is made, to the limit of not less than the limits required by paragraph (d) above.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |