Devon Alpha Fund

The Manager will invest in a concentrated portfolio of typically 10 to 15 well-researched companies, predominantly listed on the New Zealand and Australian Stock Exchanges and cash. These investments will tend to be in companies that operate in areas of the economy where the Manager believes there is structural growth and where a company has a sustainable competitive advantage over its competition. The Manager will also seek out short-term opportunities. Where there are few compelling investment opportunities, the Manager will invest in cash or cash equivalent securities. The Fund is able to hold shares listed outside of Australasia and to short-sell shares (sell shares without owning them, on the expectation that prices will fall).