Carnegie Worldwide Long/Short Fund

The objective of the Fund is to generate high returns, and, over time, exhibit low correlation to the global equity markets. To achieve this result the manager will seek to exploit the Fund's investment flexibility, which - subject to the conditions laid down for its activities - offers the following possibilities:

• buy companies (go long) that the manager judges to be of a high potential that is not as yet fully reflected in the share price.
  
• sell companies (go short) that the manager judges to be overvalued and of low or lower quality. To "go short" means to borrow a number of shares from a long-term investor in order to sell them on the equity market in the expectation that the share price will fall and it will be possible to buy them back at a lower price and thus make a profit.
  
• buy/sell (issue) derivative instruments of a given share, sector or stock exchange.

By buying shares and at the same time selling borrowed shares and other types of assets, the manager can put together a portfolio capable of producing a positive return whether the expectations of the equity market are positive, neutral or negative.