Investment Objective:

The Millennium Global Emerging Credit Fund (MGEC) looks to achieve capital appreciation through investing in select corporate and sovereign debt instruments in emerging countries. The Fund aims to target 15-25 positions from headquarters located principally in Developing Europe, Asia, Latin America and the Middle East/Africa.

Investment Philosophy:

Emerging markets have long been a compelling theme in the search for risk-adjusted returns. The current re-assessment of risk by global investors, together with the prognosis of continuing market volatility, has created significant investment opportunities in selected emerging market credits.

Investment Process:

The Fund will invest in a diversified portfolio using a combination of top-down macroeconomic research and bottom-up cash-flow based fundamental credit analyses. It will seek shorter-dated income situations which have the potential to produce returns in excess of 10%. In addition, it will also look for longer-dated optionality investments which may be corporate or sovereign restructuring situations offering discounted value.