Investing Policy
06 Novembre 2009 - 11:19AM
UK Regulatory
TIDMVCF
6 November 2009
The Value Catalyst Fund Limited ("the Company")
Investing Policy
The Company announces its investing policy pursuant to Rule 8 of the AIM Rules
for Companies.
Investing Policy
VCF seeks to generate positive investment returns through a combination of
capital growth and the payment of an annual dividend. It aims to achieve this
based on the experience and ability of the Investment Adviser in identifying
opportunities to eliminate or reduce discounts to the fair value of closed-end
funds and other asset based investments. It does this is by actively
encouraging improved corporate governance via management, shareholders, boards
and advisers of the investment companies.
VCF seeks to both enhance returns and reduce risk through the selective use of
gearing of up to 200 per cent. of net asset value and derivative products. In
cases where the Company forms a negative view of the underlying assets, it seeks
to hedge the risk of the underlying assets so as to limit the exposure only to
the value of the discount of the share price to the intrinsic value.
The decision to hedge and to what level, is based on an assessment of the cost
and the likely effectiveness of any such action. Hedging costs also vary
dependant on the financial instrument that is being hedged. VCF aims to be net
long with a target exposure of approximately 50 per cent. to the market.
VCF has the following investment restrictions:
(a) no more than 25 per cent. of the gross assets of VCF, at the time of
investment, may be lent to or invested in the securities of any one closed-end
fund or other issuer;
(b) no more than 25 per cent. of the gross assets of VCF, at the time of
investment, may be exposed to the creditworthiness or solvency of any one
counterparty other than the Prime Broker; and
(c) VCF may not use derivatives unless it adheres to the principle of risk
spreading.
This policy is also set out on the Company's website at
www.valuecatalystfund.com
Enquiries:
Azhic Basirov / Siobhan Sergeant
Smith & Williamson Corporate Finance Limited
Tel +44 (0)20 7131 4000
Value Catalyst Fund (LSE:VCF)
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