CFS FC Inv-PM Capital Glb Companies

The option invests in approximately 25 to 45 stock-specific ideas diversified across global markets. The portfolio may also own interest bearing debt securities. All the portfolio positions are subject to intensive research and peer group review. PM Capital can use derivatives and sell stocks short as a risk management tool. The level of direct shorts will not be in excess of 30% of the portfolio. Leverage generally shall not exceed 30% of net asset value of the option. PM Capital may elect to hedge up to 100% of the foreign currency exposure.