Benefits of investing in the Nanuk New World Fund

The main features, characteristics and potential benefits of the Fund include:

• access to a diversified portfolio of predominantly listed global equity securities whose businesses contribute to and/or benefit from investment into the global secular themes associated with environmental sustainability and resource efficiency,

• access to Nanuk's investment management expertise and experience,

• access to investment opportunities and markets that may not be accessible to all investors, and

• regular unit pricing and liquidity based on daily redemption in normal circumstances.

Risk level

High

Investor suitability

This Fund may be suitable for investors who have a long term view and a high risk tolerance seeking exposure primarily to a diversified portfolio of listed global equity securities focusing on the broad themes of environmental sustainability and resource efficiency.

About the Fund

The Nanuk New World Fund is a long-only equity fund that invests in listed companies exposed to the broad theme of environmental sustainability and resource efficiency. The Fund invests globally in companies involved in the areas of clean energy, energy efficiency, industrial efficiency, waste management, pollution control, food & agriculture, advanced & sustainable materials, water and healthcare technology. All of these companies operate in industries which are undergoing significant structural changes as the world reconciles economic and demographic growth with longer-term sustainability.

Nanuk's investment expertise is focused on industries related to the secular theme of environmental sustainability: a large and increasingly attractive investment universe often overlooked by traditional fund managers. The firm's approach is characterized by active, fundamental research combining top-down' thematic and bottom-up' valuation driven approaches to construct risk-controlled portfolios targeting strong absolute returns.

The Fund seeks to hold a globally diversified, yet relatively concentrated, portfolio of positions that align with Nanuk's views on security valuation and the evolving trends within these industries. The Fund aims to achieve long term capital appreciation and outperformance of traditional global equity indices while reducing volatility of returns and risk of capital loss through appropriate diversification and risk management strategies.

Investment objective

The Fund's performance objective is to provide investment returns which exceed the Fund's benchmark index return, after management fees, over the long term. The Fund's benchmark index is the FTSE Environmental Opportunities All Share Total Return Index, maintained by leading international financial services firm FTSE Russell. This index measures the performance of global companies that have significant involvement in environmental business activities including renewable & alternative energy, energy efficiency, water infrastructure and technology, waste management & technologies, pollution control, environmental support services, and food, agriculture & forestry. To be included in this index, FTSE Russell requires that companies have at least 20% of their business derived from environmental markets and technologies.

Nanuk believes that the companies represented in the benchmark index provide reasonable guidance as to the types of companies to which the Fund can be exposed. The actual holdings of the Fund and their weightings, however, may differ from those in the benchmark index. As a result, the Fund's returns, volatility and risk profile may also differ.

How we invest your money

The Investment Manager's approach is based on the belief that the natural tension between economic growth and environmental sustainability is resulting in long term structural changes in many industries, and that these changes provide a large and long term source of investment opportunities that can be accessed through sound, intelligent research.

Nanuk believes that increasing global investment in more sustainable products and services may benefit selected companies in these industries, and that investing in a selected portfolio of such companies has the potential to outperform global equities benchmarks over the longer term.

It is Nanuk's belief that equities often trade at significant premiums and discounts to their intrinsic value, and that this is particularly evident in industries undergoing structural changes driven by factors which include changing government policy and new technologies.

In managing this Fund, Nanuk's approach is to combine financial analysis with industry knowledge and insight to identify investments that Nanuk considers are mispriced and offer attractive risk-return characteristics.

Nanuk's investment approach is based on fundamental research, incorporating analysis at the top down' industry and bottom up' company levels.

Nanuk's focus is to identify investments that offer attractive risk-return characteristics through a combination of industry knowledge and company valuation. These are supported through:

• systematic and customised valuation models,

• industry research focused on understanding industry trends, the

• impact of changing government policy and changing

• supply-demand dynamics, and

• fundamental research focused on understanding the drivers of

• earnings growth, profitability, sustainability of returns and market, sector and company-specific risks.

Asset allocation

The target asset exposure ranges for the Fund are:

• Global equities: 80-100%

• Cash and investment grade securities: 0-20%

In cases where the Fund temporarily moves beyond these ranges (for example, because of large market movements), Nanuk will endeavor to bring the Fund back within those ranges as soon as is practicable.