Anlageziel The Elbrus Fund Ltd. Class A Shares Fonds

The objective of the Fund is sustained long-term capital growth, primarily through investment in listed equities in Emerging Central and Eastern Europe, Russia, Ukraine, Central Asia including Turkey, the Middle East and South Africa. The Fund also invests in listed securities in peripheral regions such as Central Asia on a selective basis. The Fund seeks to provide attractive long term risk adjusted returns compared to irrespective of any benchmark. The Fund's geographical focus is currently not tracked by any existing market benchmark or replicated by any ETF. Accordingly, there are no benchmarks followed by the Fund and, if any, benchmarks are used simply as a reference tool for investors. The Fund’s portfolio may differ substantially from the composition of any benchmark. The investment strategy is a long-biased, value and absolute return investment approach to Emerging European equity markets. The strategy combines a fundamental bottom-up stock selection approach with a top down active management of portfolio exposures using hedging instruments to mitigate volatility. This results in a concentrated investment portfolio (20-40 positions). The execution of the strategy pays particular attention to the liquidity of the single positions and of the overall investment portfolio in order to avoid any mismatch with the Fund’s asset-liability obligations.