Carve 2 (0P0000XBNB)

Investment Strategy

Carv stands for "Cross Asset Relative Value". The fund aims to be fully invested in specialmottagarfonden Carve Master. The Fund invests at least 90 percent of its assets in Carve Master. Both the Fund and specialmottagarfonden has an absolute return, which means that the funds over time seek positive returns regardless of market performance. The fund's assets may be invested in asset classes transferable securities, money market instruments, mutual funds and accounts with credit institutions. The Carve Master invests primarily in listed equities and equity financial instruments, and corporate bonds. The geographic focus is primarily Scandinavia / Europe and secondly the U.S. Authorized assets in the fund is transferable securities, derivatives, mutual funds, money market instruments and deposits with credit institutions. The Fund invests primarily in equities, however, corporate and government bonds and related financial instruments. The managers invest with an investment horizon that is twelve months or longer. The Fund's maximum total exposure allows for Fund of fund rules can have a concentrated portfolio of eight evenly spaced holding 2där exposure to a single issuer must not represent more than 20 percent of its value. investments in a large number of holdings, each of which amounts to 5 to 10 percent of the fund's value. Carve Master will take both long and short positions in shares. The Fund's long positions will be geared toward greater quality companies, and small and medium-sized undervalued companies. Various derivatives strategies will be used to increase the yield. The Fund will, for example, to take short positions in companies with different types of problems or shares with very high values. The Fund will also invest in various fixed income securities, including corporate bonds, treasury bills and government bonds (typical maturities of these are from three months to five years). The credit market is characterized by investors in many cases, restrictive investment rules. The rules, for example, mean that they only take long positions, or have limitations in terms of ratings, currencies and maturities. Carve Master has no such restrictions and can also take credit risk through CDSs (Credit Default Swap). This can occasionally be advantageous relative holdings in bonds. The Fund will also invest in corporate bonds that are judged favorably valued, many times to maturity and in different types of long / short strategies to increase returns. Examples of this may be that the fund buys a corporate bond and simultaneously going short government bonds, in the same currency with the same maturity, in order to make money on the interest rate differential. Carve The Fund will also compare stocks and bonds (and related instruments) in a single company to identify and capitalize on potential mispricing between these asset classes. In addition, fund managers regularly evaluates the asset class that is most interesting.