Market and economic risk: Market risk represents the risk of adverse movements in markets (including asset prices, volatility, changes in yield curve, changes in interest rates or other market variables) impacting upon assets held by the Fund. Certain events may have a negative effect on the price of all types of investments within a particular market. These events may include changes in economic, social, technological or political conditions, as well as market sentiment, the causes of which may include changes in governments or government policies, political unrest, wars, terrorism, pandemics and natural, nuclear and environmental disasters. The duration and potential impacts of such events can be highly unpredictable, which may give rise to increased and/or prolonged market volatility.

Liquidity risk: There is a risk that a particular position will not be able, or will not easily be able, to be unwound or offset at or near the previous market price, due to inadequate market depth or to disruptions in the marketplace. The lack of liquidity may have an adverse effect on the market value of such investments and the Fund’s ability to dispose of the investments in a timely fashion and for a fair price, as well as its ability to take advantage of market opportunities. There is also a risk that the Fund may become illiquid. If this were to happen, the Responsible Entity could not process withdrawal requests and could only give effect to withdrawals in accordance with the Corporations Act. The Class Units are not listed and there is not expected to be a secondary market.

Emerging markets securities risk: Investing in companies (and governments) of emerging or less developed countries may involve greater risks than comparable investments in developed countries, including without limitation, risks with respect to expropriation, nationalisation, and general social, political and economic instability.

Currency risk: The securities held by the Class may be denominated in currencies different from its base currency. As a result, the Class may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between such base currency and other currencies.

Fixed income securities risk: The value of fixed income securities will change in response to fluctuations in interest rates and credit quality, which may result in losses to the Class.

Equity securities risk: The value of equity and equity-related securities will be affected by economic, political, market, and issuer-specific changes. Such changes may adversely affect securities, regardless of company specific performance.

High yield bonds and bank loans risk: High yield bonds and leveraged loans generally have lower credit ratings (or no credit ratings in some cases) and are subject to greater risk of loss of principal and interest than investment-grade bonds and loans.

Legal risk: The Class may be affected by actions of governments and regulatory bodies. Legislation (including legislation relating to tax) or regulation may be changed or introduced which may have an impact on the Class or on its investments.

Class Units and Fund risk: Risks particular to the Class Units may include the termination of the Class or the Fund, the fees and expenses could change, and the Responsible Entity may retire or be removed. There is also a risk that the Manager could change. The success of the Manager’s trading and the investment performance is to a large degree dependent upon the services of its senior portfolio management team. The loss of the services of these individuals could result in the Manager’s inability to trade effectively for the Class' accounts. In addition, there is no guarantee that any of the current employees of the Manager will continue to work with the Manager in the future.

Class risk: The Class has been established as a separate class of units in the Fund. As the assets are held on trust for all investors, there is a risk that investors of one class, may be exposed to liabilities of another class of units and they could lose some or all of their investment in the Class. There is also a risk that in the event of an insolvency, the assets of the Class could be made available to creditors of another class of units in respect of the Fund.

Derivative risk: The Class may use derivatives to hedge overall risk in the portfolio and implement the investment strategy in a cost-effective manner and enhance returns. Derivative transactions may be subject to significant volatility which may result in a loss greater than the principal amount invested. Short selling risk: The Class may establish short positions in securities by use of derivatives. Taking short positions in an asset involves a higher level of risk than buying an asset as the loss with short positions is unlimited (i.e. there is no upper limit on the price of the asset).