U Access (IRL) Cheyne Arbitrage UCITS T GBP Acc

The Fund seeks to achieve risk adjusted total rates of return independent of market movements through using arbitrage strategies, with minimal net exposure. Arbitrage strategies involve the simultaneous buying and selling of securities with the goal of profiting from different prices for the same security. The Fund is actively managed and not with reference to a benchmark. The Fund will primarily utilise two separate arbitrage strategies. Both strategies will seek to profit from pricing inefficiencies which may arise due to the market failing to predict the outcome of certain corporate events. 1) Risk arbitrage – this strategy involves investing in the securities of companies involved in a takeover, merger, or similar corporate event. An opportunity to profit may arise from the difference between the market value of the target company and the price to be paid by the acquirer, particularly where the Fund believes the risk associated with the transaction to be different than the risk anticipated by the wider market. 2) Mixed arbitrage – this strategy focuses on securities whose market value can be replicated with listed instruments. An opportunity to profit may arise from the difference between the security’s market value and its potential market value as assessed by the Fund’s portfolio manager. The Fund actively monitors merger and acquisition announcements for potential investment opportunities in risk arbitrage and monitors potential mixed arbitrage investment opportunities in holding companies and companies with more than one share class, to generate investment ideas. The Fund will invest in equity instruments (i.e. preferred stocks, common stocks, including equity securities of real estate investment trusts ("REITs") which are a type of pooled investment vehicle which invest in real property or real property related loans or interests and which are sometimes used by issued companies to organise their common stock as a significant portion of the underlying assets of these companies are the real estate holdings and exchange listed master limited partnerships ("MLPs")) on a long and synthetic short basis, seeking to isolate and capitalise on a specific arbitrage spread on both a long and synthetic short basis. Investing on a long basis will allow the Fund to capitalise from rising prices. Investing on a synthetic short basis will allow the Fund to benefit from falling prices, without the Fund having any corresponding or related long position. Short selling constitutes an important aspect of the Fund’s investment strategy, both for hedging of positions and for alpha generation (meaning that the short position is expected to generate a positive return due to an identified arbitrage opportunity, rather than hedging against undesired risks in the portfolio). Short selling positions will only be implemented synthetically through the use of derivatives. The Fund may also invest in warrants or debt securities or hybrid securities issued by both governmental and corporate entities. The debt-related instruments may be fixed and/or floating rate, either rated or unrated with a minimum credit quality at the time of the purchase of BBB- as rated by Standard & Poors (or other rating agency) or equivalent as established by the Portfolio Manager. The Fund may gain indirect exposure to financial indices such as the S&P 500, DAX Index and CAC 40 Index. The Fund may invest up to 35% of its Net Asset Value (‘NAV’) in emerging markets. The Fund may invest up to 10% of its NAV in other collective investment schemes. It may also invest in money market instruments for cash management purposes and in currencies for currency management purposes. The Fund may also invest in financial derivative instruments (‘FDIs’) to obtain synthetic short or long exposure for investments, efficient portfolio management and hedging purposes. Such FDIs include, but are not limited to: swaps or total return swaps (an agreement by two parties to make periodic payments to each other), contracts for difference (contracts which exchange the opening and closing price of an underlying security), options (contracts which give the owner the right, but not the obligation to buy or sell a specified asset at a specified price on or before a specified date), forwards (contracts which give the owner the right to buy or sell an asset at a specified future date) and futures (contracts which create an obligation to buy or sell another security on or before a specified future date.) The Fund may enter into securities transactions such as repurchase agreements, reverse repurchase agreements and securities lending transactions. The base currency of the Fund is Euro. Any non-base currency share classes will be currency hedged to hedge against the currency exposure between the denominated currency of the share class and the base currency of the Fund. The Fund is accumulating, as such it is not the intention of the Directors to pay dividends to shareholders. Income, earnings and gains of the Fund will instead be reinvested and reflected in the NAV per share. You can buy, sell and exchange shares on each business day on which commercial banks are open for business in Dublin, Ireland, and London, United Kingdom and/or such other day or days as may be determined by the Directors in their absolute discretion from time to time and as notified to Shareholders in advance. You must submit your application to the Fund's Administrator before 1.00 p.m. (Irish time) on the Business Day that is two (2) Business Days prior to the Dealing Day. Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years. For further information, please refer to the section entitled “Funds – Investment Objective and Policies” in the Prospectus and the sections entitled “Investment Objective” and “Investment Policies” in the Supplement for the Fund