Skyline Umbrella Fund ICAV - ARGA Emerging Market Equity Fund A2 USD Inc

The Fund's objective is to generate long-term returns. The Fund aims to achieve this objective by investing primarily in equity and equity-linked securities in emerging markets. The Fund may also invest in such securities located in developed markets but which derive a significant portion of their revenue, earnings, assets, costs or employees from or in Emerging Markets. The Fund may also invest in frontier market countries, which are a subset of and are the least developed amongst the Emerging Markets, with less developed capital markets and lower liquidity. The Fund may invest in non-US issuers through depositary receipts and participatory notes. The Fund may also invest in stocks purchased in underwritten initial public offerings of equity securities. The Investment Manager generally seeks diversification rather than concentration by industry, country or currency. However, the Fund may have significant concentration in particular industries from time to time. The Fund will not invest directly in real estate but may invest in pooled real estate investment vehicles such as real estate investment trusts. For short-term cash management, the Fund may invest in cash and/or investment grade money market instruments with maturities up to one year. The Fund is managed in reference to MSCI Emerging Markets (Net) USD Index (NDUEEGF) (the "Benchmark"). The Fund’s performance is compared to the Benchmark in marketing materials and the performance fee for the Fund is calculated based on the Benchmark, as disclosed under the heading “Performance Fee” in the Fund supplement. The Benchmark represents the best approximation of the universe of securities in which the Fund may invest. The Fund’s investment policy is not constrained and the degree of deviation from the Benchmark may be significant. Class A USD$ Shares (the “share class”) do not pay a dividend. Any income arising is retained in the Fund and reflected in the value of the share class. Shares in the fund can be bought and sold on any business day in Ireland. The Investment Manager has identified the Fund as an Article 8 product for the purposes of Regulation (EU) 2019/2088. Recommendation: this Fund may not be appropriate for short-term investment. Please refer to the Prospectus and Fund supplement for more detailed information.