Antares Long Duration - Enhanced Fixed Interest

• The primary focus of the Fund is to add steady incremental returns over the benchmark while closely controlling the volatility in the excess return;
• We believe debt markets are not efficient and can be systematically exploited, to extract positive returns, within an active management process that also implements risk mitigation measures;
• We are a ‘top-down’ driven manager employing a scenario based methodology that is combined with a robust risk management process;
• Sophisticated in-house analytics drive yield curve strategies; the “rolldown” element in yield curves is a key source of excess returns;
• Credit strategies combine our ‘top-down’ macro view with focused ‘bottom-up’ credit analysis;
• The Fund has a cautious approach to duration making it potentially attractive in terms of risk/return. The maximum deviation in duration is 3 months;
• All security investments are well rated with minimum ratings of A2(Short Term) or A- (Long Term) as rated by Standard & Poors;
• Core and tactical investment strategies are used to generate excess returns for the portfolio and minimise market volatility;
• The Fund utilises various risk mitigation strategies - such as interest rate and credit derivatives to protect against adverse market risks.

Risks specific to investments in fixed income instruments may include:

• credit and default risk (the value of the Fund's investments may be sensitive to changes to credit spreads and/or default due to a deterioration in a bond issuers ability to repay debt)
• interest rate risk (the value of the relevant Fund’s investments may be sensitive to changes to interest rates)
• inflation risk (the risk of inflation being higher than anticipated), and
• liquidity risk (the risk of not being able to find a buyer in a timely manner).