Investment Objective:

Millennium Global Special Situations Americas Fund (MGSS) is a total return fund that opportunistically invests in undervalued and distressed recovery situations in the United States, Canada and Latin America. The fund makes investments with an identifiable exit strategy, in debt and equity instruments with limited initial liquidity.

The Millennium Global Special Situations Americas Fund has grown out of the investment opportunities, experience and a network of expertise identified by the Millennium Global High Yield Fund.

Investment Philosophy:

The fund takes a value investment approach to distressed and special situations in the Americas with, given current macroeconomic conditions, an anticipated focus on Latin America.

Investment Process:

The investment strategy aims to capitalise on global investor re-assessment of risk and the prognosis of continued market volatility, which Millennium believes has created significant investment opportunities in select companies.

The Millennium Global Special Situations Americas Fund will invest in a diversified portfolio of these select opportunities. It will use a disciplined top-down approach to macroeconomic research, and a rigorous bottom-up fundamental credit analyses, based on cash flow, for individual issuers.