James Hanbury and Jamie Grimston lead the investment management of this absolute return focused fund, bringing extensive experience from their tenure at Odey Asset Management from 2008-2023. James Hanbury holds a degree from Edinburgh University (2003) and has completed the CFA Program, demonstrating strong analytical credentials. Under their management since the fund's inception in May 2009, they have delivered a cumulative performance of 437.2% through December 2025, significantly outperforming the peer group composite return of 111.1%. The management team successfully navigated the fund through the 2023 transition from Brook Asset Management to Lancaster Investment Management, maintaining investment continuity and strategy consistency. Their concentrated, high-conviction investment approach has consistently delivered positive absolute returns over rolling 12-month periods.

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The fund seeks to achieve positive absolute returns over a 12-month period independent of market conditions through a concentrated global equity portfolio approach. The strategy focuses on 30-50 carefully selected positions, often targeting owner-managed companies and complex restructuring situations. The fund employs both long and synthetic short positions across various asset classes worldwide, utilizing leverage and derivatives including futures and options. This high-conviction approach aims to deliver superior risk-adjusted returns while maintaining the flexibility to adapt to changing market environments. The investment philosophy emphasizes fundamental analysis and opportunistic positioning rather than benchmark-relative performance.

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