fund of funds november 2014 - headstart · pdf filefund of funds 1st november 2014 . contents...

Telephone: +44 20 7376 5437 1 Knightsbridge Green

E-mail: [email protected] London SW1X 7NE

Website: www.headstartadvisers.com United Kingdom

Fund of Funds

1st November 2014

Contents

Introduction 3 Overview

Organisational Structure 4 Biographies 5

Performance

Performance vs. Major Equity & Fund of Funds Indices 6 Monthly Performance 7 Performance Comparisons 8 Returns Analysis 13

Investment Process

Universe ‘Filtering’ & Portfolio Diversification 14 Portfolio Construction 15

Portfolio Characteristics

Strategy Breakdown 17 Strategy Evolution 18 Correlation Analysis 19 Advantages 20

Awards, Rankings & Nominations 21 Summary & Terms 22 Structure 23 Risk Warnings 24

2 www.headstartadvisers.com

Firm established in 1990

Diversified multi-strategy fund of hedge funds launched in 1999

Objective is to achieve long-term capital growth in excess of returns available in monetary markets while minimising risk

Offers access to a strategically diversified portfolio of selected hedge funds, many of which are closed to new investment

Record of consistent positive performance

Objective of 10% to 15% net return per annum

Strong infrastructure with experienced investment team

Fast response in the investment process

FCA authorised and regulated

Introduction


Overview


Organisational Structure

Overview

5

Biographies

Mr Najy Nasser is the Chief Investment Officer at Headstart Advisers Ltd. Prior to joining Headstart in 1997, Najy was Chief Investment Officer at Arab

Commerce Bank where he was head of proprietary trading, having previously managed their proprietary asset allocation, traded Foreign Exchange

Strategies and been active in international merchant banking deals on behalf of the bank. Najy began his career in 1987 with AMRO Bank and their wholly

owned merchant bank, Pierson Heldring & Pierson in Hong Kong and Holland. He graduated from the London School of Economics with an MSc in

Accounting and Finance and holds a BA in Business Administration and Economics.

Mr Henry Watkinson is a Director at Headstart Advisers Ltd. Prior to joining Headstart in 2002, Henry worked for Credit Suisse Asset Management in

Sydney specialising in Futures and Fixed Income, having previously supported the top performing Fund Manager at Morgan Stanley. Before this, Henry

worked at ANZ Emerging Market Fund Management (later renamed Ashmore). Henry’s career began at Bankers Trust in London working on the Fixed

Income trading desk. He graduated with a BA in Business Studies from Bristol Business School.

Mr Jonathan Gates, CAIA is the Senior Analyst at Headstart Advisers Ltd. Jonathan is responsible for manager research, due diligence and portfolio

management. Jonathan initially joined Headstart on an internship in 2005 before joining full time as a research analyst upon finishing his studies at the

University of Southampton. He graduated from the University of Southampton with a BSc in Economics, where he specialised in Macroeconomics and

Empirical Finance. Jonathan holds the Chartered Institute for Securities and Investment certificate in Investment Management and holds the Chartered

Alternative Investment Analyst designation.

Mr Alan Cope is a Fund of Funds Analyst at Headstart Advisers Ltd. He joined Headstart in 2010. Alan holds a BA in Politics and International Business

from the University of Loughborough and the Chartered Institute for Securities and Investment certificate in Investment Management.

Mr Patrick Rutherford oversees client relations at Headstart Advisers Ltd. He joined Headstart in 2013 having previously worked as an adviser to a

government minister. Patrick holds a BA in Law from Oxford University.

www.headstartadvisers.com

6

Performance

Monthly Performance Net of Fees

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2014 0.40% 0.98% 0.08% -1.02% 0.33% 0.97% -0.11% 0.50% 0.43% -0.57% 1.99%

2013 3.11% 0.64% 0.68% 1.78% 0.32% 0.86% 0.78% -0.45% 1.07% 1.80% 2.13% 1.77% 15.42%

2012 2.46% 2.60% -0.28% -0.48% -0.68% -0.34% 0.95% 1.37% 1.88% 0.81% 0.97% 1.51% 11.22%

2011 2.40% 2.58% 1.28% 1.50% -0.39% -0.96% 0.16% -3.87% -4.73% 1.94% -1.03% -0.25% -1.67%

2010 1.14% 0.18% 2.04% 0.20% -2.56% -0.35% 2.74% 1.29% 3.79% 3.84% 1.01% 5.03% 19.69%

2009 4.46% 1.81% 0.39% -2.01% 3.22% -1.28% -0.62% 2.19% 3.51% 3.51% 1.16% 0.44% 17.86%

2008 -4.34% 0.83% -3.31% 0.13% 2.08% -0.41% -2.28% -2.06% -8.52% -6.67% -4.14% -6.87% -30.75%

2007 1.62% 1.48% 1.71% 1.94% 2.01% 0.01% -0.11% -3.04% 0.35% 2.70% -1.83% -0.29% 6.59%

2006 3.72% 1.12% 1.95% 2.24% -1.91% -0.58% -0.07% 0.54% -0.26% 1.29% 1.66% 2.25% 12.49%

2005 1.05% 2.98% 1.09% -2.44% 0.21% 0.86% 1.55% 0.89% 1.59% -1.21% 1.02% 1.65% 9.52%

2004 1.37% 0.80% 0.25% 0.43% -0.20% 0.50% 0.39% 0.20% 1.11% 2.87% 4.20% 1.43% 14.11%

2003 0.81% 0.44% 0.64% 1.33% 1.37% 0.80% -0.06% 0.41% 1.32% 1.01% 1.08% 1.02% 10.66%

2002 0.36% 0.13% 0.48% 0.26% 0.73% -0.42% 0.18% 0.28% 0.66% 0.32% 0.93% 0.59% 4.60%

2001 3.04% -0.90% -0.55% 1.33% 0.18% -0.56% -0.19% 0.38% -0.79% 1.76% 0.37% 0.78% 4.90%

2000 2.87% 6.23% 1.91% -1.52% 0.21% 4.13% 0.53% 1.40% -0.32% -1.89% -1.95% 3.22% 15.48%

1999 5.06% 5.16% 10.48%

Audited performance information from Nov ember 1999 through December 2008 Class B and Class B2 from January 2009 through December 2013. Performance from January 2014 to the current month is Class B2

performance, unaudited and may be subject to change. The performance information presented here reflects an inv estment in the relev ant Headstart Fund of Funds share class during the indicated period w ithout

additions, w ithdraw als or redemptions, is net of all fees and ex penses, is historical and is not indicativ e of future results. Indiv idual performance may v ary and be dependent on currency class. Inv estors must be able

to bear the risk of a substantial impairment or loss of their entire inv estment.

Italics denotes estimated return


7

Performance vs. Major Equity & Fund of Funds Indices


Performance prior to 1st January 2009 relates to Class B shares

-30%

-15%

0%

15%

30%

45%

60%

75%

90%

105%

120%

135%

150%

165%

180%

195%

Headstart HFR FOF Index EurekahedgeFOF Index

Barclay FOFIndex

DAX 30 DJIA NASDAQ S&P 500 FTSE 100 Nikkei 225 CAC 40 US 3 Mth T-Bill

8

Performance vs. Global Indices Since Inception



Logarithmic: Headstart Fund of Funds vs. Global Indices

9

Performance vs. Fund of Funds Indices Since 2009

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

01-Jan-09 01-Jul-09 01-Jan-10 01-Jul-10 01-Jan-11 01-Jul-11 01-Jan-12 01-Jul-12 01-Jan-13 01-Jul-13 01-Jan-14 01-Jul-14

HFRI FOF EurekaHedge FOF Barclay Hedge FOF

Annualised Return 10.77% 4.39% 4.02% 3.90%

Annualised Volatility 6.03% 4.07% 3.73% 3.94%

Sharpe Ratio 1.77 1.08 1.08 0.99


10

Global Equities Risk-Return Comparison Since Inception


Dow Jones

S&P 500

FTSE 100

CAC 40

DAX 30

Nikkei 225

DJ EuroStoxx

MSCI WorldUS 3 Mth T-Bill

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

0% 5% 10% 15% 20% 25%

Ann

ualis

ed R

etur

n

Risk

Emerging Markets


-20%

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

MSCI

FOF

11

Performance vs. MSCI Down Months Since Inception


MSCI World

Total Number of Down Months 40 79

Average Performance -0.44% -3.73%

% Positive Months 49.37% 0.00%

% Negative Months 50.63% 100.00%


12

Performance vs. MSCI Down Months Since January 09


Date MSCI World Index Headstart Fund of FundsJanuary 2009 -8.85% 4.46%

February 2009 -10.49% 1.81%June 2009 -0.61% -1.28%

October 2009 -1.85% 3.51%January 2010 -4.19% 1.14%

April 2010 -0.16% 0.20%May 2010 -9.91% -2.56%June 2010 -3.56% -0.35%

August 2010 -3.92% 1.29%November 2010 -2.35% 1.01%

March 2011 -1.24% 1.28%May 2011 -2.45% -0.39%June 2011 -1.73% -0.96%July 2011 -1.89% 0.16%

August 2011 -7.26% -3.87%September 2011 -8.85% -4.73%November 2011 -2.69% -1.03%December 2011 -0.17% -0.25%

April 2012 -1.37% -0.48%May 2012 -8.99% -0.68%

October 2012 -0.76% 0.81%February 2013 -0.02% 0.64%

May 2013 -0.29% 0.32%June 2013 -2.61% 0.86%

August 2013 -2.33% -0.45%January 2014 -3.77% 0.40%March 2014 -0.09% 0.08%

July 2014 -1.67% -0.08%September 2014 -2.88% 0.61%

Cumulative Total -96.94% 1.47%

1.7% 1.7%

4.4%

20.0%

54.4%

13.9%

3.3%

0.6%

0%

10%

20%

30%

40%

50%

60%

Pe

rfo

rma

nc

e R

etu

rn O

cc

urr

en

ce

Monthly Return

-

2

4

6

8

10

12

14

16

18

20

Pro

ba

bil

ity

of

Oc

cu

rre

nc

e

Monthly Return

Positive Months:72.22%

13

Return Analysis


180Total Number of Months (since inception):


14

Investment Process

Investment Universe c. 8,300 active Hedge Funds globally

Quantitative screen

Network of industry contacts developed over 22 years

Conferences and Capital Introduction Events

Watch List 40-60 funds

Initial Due Diligence

Approved List 5-10 funds

Advanced Due Diligence

Portfolio 15-30 funds

Universe ‘Filtering’ via Contacts and Databases


Hedge Fund Strategy

Time Horizons

Geographic Focus

Asset Class

Portfolio Diversification

15

Investment Process

‘Bottom Up’ fund selection

Identifying investment managers that have the ability, track record and

risk parameters in place to make long term investments

Macro-Economic View

Top-down macro analysis of markets to determine strategy weightings

Correlation studies

Understand source of returns and avoid chasing returns

Ongoing monitoring and review of investment policy,

structure, organization and asset growth implications

Bi-monthly Investment Allocation and Review of Fund

meetings

Active re-balancing and re-allocation

Risk Controls

Risk Return and Market Condition analysis

Quantitative analysis:

Performance, consistency, volatility, peer group, assets,

transparency (risk, exposures and liquidity), fees and

leverage

Qualitative analysis:

Reputation, experience, integrity, team, discipline / process,

edge, operations, regular office visits and monthly

communication, fund structure including conditions, side-

letters, scalability, risk controls and liquidity

Portfolio Construction


16

Investment Process

Core Holdings

‘Blue-chip managers’

Long-term investments

Identifiable and repeatable process

Stability of strategy

Ability to navigate across market cycles

Business model longevity

Significant track record

Portfolio Manager pedigree

Volatility, liquidity and capacity of strategy

Proprietary investment

Satellite Holdings

‘Opportunistic Strategies’

Short-Medium term investments

Identifiable opportunity


Hedging strategies

Track record

Generally smaller AUM

History with Manager

Liquid strategy

Satellite Holdings

‘New launches and

Early-stage Managers’

Potential to become core positions


Portfolio Manager pedigree

Business model

Liquidity, risk and portfolio construction

Ability to gain preferential fees

Strong proprietary investment

Pre-defined capacity

Portfolio Construction


17


Strategy Breakdown


Long Short40.53%

Arbitrage18.64%

Global Macro14.87%

Structured Credit

6.59%

Multi-Strategy5.83%

Emerging Market

6.12%

Multi-Strategy Credit

4.44%

Hedge2.97%

Long/ Short Equity -

Thematic, 13.68%

Statistical Arbitrage,

8.67%

Global Macro, 6.89%

Structured Credit,

6.59%


Multi-Manager, 6.64%

Multi-Strategy, 5.83%


Emerging Markets, 6.12%

Volatility Arbitrage,

5.27%

Capital Structure

Arbitrage, 4.70%

Multi-Strategy-Credit,

4.44%

L/S Equity - Multi-

Sector Fundamental, 4.03%


European Mid Caps, 3.93%

Long Short Equity -

Asia, 3.97%

Global Macro - Multi

Manager, 6.22%


Global Utilities, 3.16%

Long Short Equity ,

3.19%

Systematic Hedge,

1.97%

Emerging Market

Macro, 1.75% Long/ Short Equity -

Systematic, 1.95%

Hedge, 1.01%

Detailed Strategy Overview of funds

General Strategy of Funds within the Portfolio

18


Strategy Evolution


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep-

09

Nov

-09

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep-

10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Capital Structure Arbitrage Commodities Distressed Debt Emerging Markets

Equity Arbitrage Equity Short Bias European CLO Event Driven

Global Macro Hedge Long Short Credit Long Short Equity

Multi Strategy Multi Strategy - Credit Statistical Arbitrage Structured Credit

Volatility Arbitrage

19


Correlation Analysis


FOF FUND 1 FUND 2 FUND 3 FUND 4 FUND 5 FUND 6 FUND 7 FUND 8 FUND 9 FUND 10 FUND 11 FUND 12 FUND 13 FUND 14 FUND 15 FUND 16 FUND 17 FUND 18 FUND 19 FUND 20 FUND 21 FUND 22 FUND 23

FOF 1.00 0.35 0.43 0.30 0.65 0.21 -0.02 0.31 0.35 0.35 0.23 0.45 0.00 0.15 0.26 0.36 0.52 0.14 0.18 -0.61 0.32 0.34 0.47 0.10

FUND 1 0.35 1.00 -0.01 -0.35 0.36 -0.10 -0.21 -0.12 0.12 0.29 0.08 0.60 0.00 0.20 -0.02 0.39 0.46 -0.01 -0.06 0.06 0.15 -0.09 -0.18 -0.21

FUND 2 0.43 -0.01 1.00 0.03 -0.26 -0.13 -0.10 -0.05 0.11 -0.18 -0.15 0.27 0.00 -0.09 -0.17 0.05 0.13 0.04 -0.08 -0.25 0.06 0.39 0.21 -0.10

FUND 3 0.30 -0.35 0.03 1.00 0.18 0.05 0.03 0.21 -0.04 -0.17 -0.10 -0.48 0.00 0.18 -0.04 0.02 0.04 0.09 0.21 -0.19 0.03 0.34 0.18 0.13

FUND 4 0.65 0.36 -0.26 0.18 1.00 0.29 -0.24 0.65 0.26 0.18 0.59 0.43 0.00 0.35 -0.16 0.62 0.58 -0.47 -0.18 -0.63 0.59 0.85 0.50 -0.10

FUND 5 0.21 -0.10 -0.13 0.05 0.29 1.00 -0.06 0.08 0.20 0.24 0.15 -0.04 0.00 0.19 0.26 -0.03 0.12 0.28 0.14 -0.22 0.07 0.07 -0.09 0.20

FUND 6 -0.02 -0.21 -0.10 0.03 -0.24 -0.06 1.00 0.18 0.35 0.34 0.20 -0.20 0.00 -0.12 0.11 0.22 0.24 -0.11 0.11 0.21 0.25 0.01 0.18 0.16

FUND 7 0.31 -0.12 -0.05 0.21 0.65 0.08 0.18 1.00 0.29 0.39 0.35 0.05 0.00 0.01 0.33 0.51 0.31 0.03 0.42 -0.22 0.55 0.21 0.30 -0.31

FUND 8 0.35 0.12 0.11 -0.04 0.26 0.20 0.35 0.29 1.00 0.55 0.23 0.11 0.00 -0.11 0.18 0.50 0.46 0.03 -0.11 -0.60 0.65 0.11 0.63 0.13

FUND 9 0.35 0.29 -0.18 -0.17 0.18 0.24 0.34 0.39 0.55 1.00 0.54 -0.24 0.00 0.16 0.31 0.50 0.55 -0.08 0.21 -0.53 0.65 0.03 0.36 0.36

FUND 10 0.23 0.08 -0.15 -0.10 0.59 0.15 0.20 0.35 0.23 0.54 1.00 0.32 0.00 0.29 0.29 0.50 0.40 -0.07 0.23 -0.23 0.40 -0.15 0.22 0.20

FUND 11 0.45 0.60 0.27 -0.48 0.43 -0.04 -0.20 0.05 0.11 -0.24 0.32 1.00 0.00 -0.09 0.21 0.55 0.35 0.39 -0.05 -0.35 0.47 0.19 0.29 -0.10

FUND 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND 13 0.15 0.20 -0.09 0.18 0.35 0.19 -0.12 0.01 -0.11 0.16 0.29 -0.09 0.00 1.00 0.00 -0.02 0.13 -0.09 0.04 -0.12 0.01 -0.07 -0.17 0.31

FUND 14 0.26 -0.02 -0.17 -0.04 -0.16 0.26 0.11 0.33 0.18 0.31 0.29 0.21 0.00 0.29 1.00 0.29 -0.02 0.13 -0.09 0.04 -0.12 0.01 -0.07 -0.17

FUND 15 0.36 0.39 0.05 0.02 0.62 -0.03 0.22 0.51 0.50 0.50 0.50 0.55 0.00 -0.02 0.29 1.00 0.29 0.09 0.09 0.24 -0.11 0.38 -0.18 0.12

FUND 16 0.52 0.46 0.13 0.04 0.58 0.12 0.24 0.31 0.46 0.55 0.40 0.35 0.00 0.13 -0.02 0.29 1.00 0.26 -0.05 0.17 -0.44 0.62 0.18 0.46

FUND 17 0.14 -0.01 0.04 0.09 -0.47 0.28 -0.11 0.03 0.03 -0.08 -0.07 0.39 0.00 -0.09 0.13 0.09 0.26 1.00 -0.09 0.07 -0.42 0.34 0.03 0.51

FUND 18 0.18 -0.06 -0.08 0.21 -0.18 0.14 0.11 0.42 -0.11 0.21 0.23 -0.05 0.00 0.04 -0.09 0.09 -0.05 -0.09 1.00 0.22 -0.05 -0.06 0.19 -0.04

FUND 19 -0.61 0.06 -0.25 -0.19 -0.63 -0.22 0.21 -0.22 -0.60 -0.53 -0.23 -0.35 0.00 -0.12 0.04 0.24 0.17 0.07 0.22 1.00 0.43 0.07 0.33 0.14

FUND 20 0.32 0.15 0.06 0.03 0.59 0.07 0.25 0.55 0.65 0.65 0.40 0.47 0.00 0.01 -0.12 -0.11 -0.44 -0.42 -0.05 0.43 1.00 -0.56 -0.20 -0.38

FUND 21 0.34 -0.09 0.39 0.34 0.85 0.07 0.01 0.21 0.11 0.03 -0.15 0.19 0.00 -0.07 0.01 0.38 0.62 0.34 -0.06 0.07 -0.56 1.00 0.10 0.42

FUND 22 0.47 -0.18 0.21 0.18 0.50 -0.09 0.18 0.30 0.63 0.36 0.22 0.29 0.00 -0.17 -0.07 -0.18 0.18 0.03 0.19 0.33 -0.20 0.10 1.00 0.28

FUND 23 0.10 -0.21 -0.10 0.13 -0.10 0.20 0.16 -0.31 0.13 0.36 0.20 -0.10 0.00 0.31 -0.17 0.12 0.46 0.51 -0.04 0.14 -0.38 0.42 0.28 1.00

FUND LEVEL CORRELATION ANALYSIS

20


Advantages

Repeatable investment process honed through actively investing into hedge funds since 1999.

Headstart “inner-circle” of industry contacts

Dynamic portfolio management

Non-correlation to markets

Low minimum investment for portfolio of seasoned funds, many with high minimum investments

Monthly liquidity with no lock-up

Strong Corporate Governance

Independent board of directors

Institutional cash controls


Awards, Rankings & Nominations

HFM European Performance Award nominations

Fund of Hedge Funds long-term performance (5 years)

2014

Fund of Hedge Funds Long-Term Performance (3 years)

2012

Best Multi-Strategy Fund of Hedge Funds

2011

21

Routinely ranked in the

Top 10 Multi-Strategy Fund of Hedge Funds

on a rolling 12, 9, 6 and 3 month basis in

2010, 2011 and 2012


Winner

Best Diversified Fund of Hedge Funds

of the Year Award

(Funds under $250m category)

Winner

Best European Diversified Fund of

Hedge Funds 2013 Award

Winner

Diversified Fund of Hedge Funds of the

Year

Winner

Fund of Hedge Funds Multi-Strategy

(Funds under $500m Award)

Winner

Best UK Diversified Fund of Hedge Funds

The primary goal of the HeadStart Fund of Funds is to preserve investors’ capital while achieving consistent profitable monthly returns regardless of market conditions.

Since inception in November 1999, the HeadStart Fund of Funds has achieved low volatility and good consistency of performance despite some of the most volatile markets in history.

HeadStart Fund of Funds offers investors exposure to a wide range of high quality alternative investment styles and strategies whose objectives are to produce consistent absolute returns with relatively low levels of risk.

Subscriptions Monthly with 10 business days’ notice

Redemptions Monthly with 2 calendar months’ notice plus 5 business days

Fees 1.5% (Management) and 15% (Performance with HWM)

All reported returns net of all fees

22

Summary & Terms


Fund Registered Office

Equity Trust Company (Cayman) Ltd

First Floor, Windward 1

Regatta Office Park, P.O. Box 10338

Grand Cayman KY1-1003

Cayman Islands

British West Indies

Investment Adviser

Headstart Advisers Ltd

1 Knightsbridge Green

London

SW1X 7NE

United Kingdom

Independent Auditors

Deloitte & Touche

P.O. Box 1787 GT

2nd Floor, One Capital Place

Shedden Road, George Town

Grand Cayman, Cayman Islands

British West Indies

Investment Manager

Headstart Management Inc.

Offshore Incorporations Centre

PO Box 850

The Valley

Anguilla

British West Indies

Banker

The Royal Bank of Scotland

International Limited

Royal Bank House

2 Victoria Street, Douglas

Isle of Man IM99 1NJ

British Isles

Legal Adviser

Mourant Ozannes

Harbour Chambers

Third Floor, Harbour Centre

PO Box 1348, George Town

Grand Cayman, Cayman Islands

British West Indies

Administrator

Custom House Group

25 Eden Quay

Dublin 1

Republic of Ireland

Structure

www.headstartadvisers.com 23

The Fund is not a recognised Collective Investment Scheme under the UK Financial Services and Markets Act 2000 and associated legislation and investors may not be protected by any statutory investors’ compensation scheme.

Past performance is not necessarily a guide to future performance. The price of participating shares can go down as well as up and investors may not get back the amount they invest. Money should not be invested which an investor cannot afford to lose. An investment in this Fund is not suitable for investors who require a regular or immediate flow of income from their investment.

This material is for information only and does not constitute an offer or recommendation to buy or sell any investment. In the United Kingdom it is intended only for the use of existing clients, authorised persons, institutional and other professional investors falling within the categories set out in the Financial Services and Markets Act 2000. Recipients may pass on this document, but only to others falling within those categories. Documents relating to this Fund may be inspected at, and Offering Memorandum or Report and Accounts obtained from Headstart Advisers Ltd.

24

Risk Warnings
