Zest Global Special Situations I Cap $

Objectives and investment policy The Sub-Fund aims at producing a positive return with in-depth analysis over selected securities and market opportunities by targeting companies with strong balance sheets which may have a temporal negative credit event not detrimental to the company as a whole, however, affecting the price of the underlying credit securities of such company. The Investment Manager will focus on gauging opportunities that have a high capital gain potential with the lowest downside possible. The Sub-Fund will seek returns in both current income (coupons) and capital growth. The Sub-Fund will invest at least 70% of its net assets in USD denominated bonds, convertible bonds (including contingent convertible bonds) and any other debt instruments (the "Bonds"); money markets instruments; UCITS and/or UCIs (limited to 10% of the net assets). Ratings requirements (which may be esteemed, at the issue or at the issuer level): bonds' rating shall range from High Yield (i.e. rating at least of B3/B- (long-term rating) by one or more of the main rating agencies ) to Investment Grade; money market instrument rating shall be equivalent to Investment Grade (by one or more of the main rating agencies. Without being a constraint, the expected average rating will be BBB- / BB+. Investments in non-rated Bonds will be however limited to 10% of the Sub-Fund's net assets. If the Bonds issuer/ the issue has not been given a credit rating by a recognized rating agency, the Board of Directors may appreciate whether one instrument possesses the equivalent of at least High Yield rating criteria (at the issuer or at the issue level). Any such (lack of) rating criteria will be monitored by the Investment Manager on a regular basis as from the date of investment until the sale of the concerned debt instruments. In case of any debt instrument's rating being downgraded by all of the main rating agencies, the Investment Manager shall be authorized to keep the investment as long as t

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No