ZEST ASSET MANAGEMENT SICAV -Global Special Situations I USD/  LU1532289060  /

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. The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio. The Sub-Fund will invest at least 70% of its net assets in USD denominated Bonds, convertible bonds and debt instruments (the "Bonds"); money markets instruments; and units or shares of other UCITS and/or UCIs (including Exchange Traded Funds). Ratings requirements (at issue or issuer level): Bonds' rating shall range from High Yield (i.e. rating at least of B3/B- by Moody's, S&P or Fitch) to investment grade (i.e. rating at least of BBB-/Baa3 by Moody's, S&P or Fitch); Money market instruments shall be rated at least investment grade. Investments in non-rated Bonds will be limited to 10% of the Sub-Fund's net assets. If the Bonds issuer/the issue is not rated by a recognized agency, the board of directors may, in its entire discretion, appreciate whether one instrument possesses the equivalent of at least High Yield rating criteria. This rating criteria assessment will be monitored by the Investment Manager on an ongoing basis (at least once a month) as from the date of investment until the sale of the concerned debt instruments. In selecting the Bonds, the Investment Manager will not consider any sectorial or geographical constraint. The Sub-Fund may be exposed for up to 90% of its nets asset to emerging and frontier markets. The Sub-Fund may indirectly and directly invest up to 30% of its assets in other eligible assets, such as Bonds and money market instruments not denominated in USD.

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. The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio. The Sub-Fund will invest at least 70% of its net assets in USD denominated Bonds, convertible bonds and debt instruments (the "Bonds"); money markets instruments; and units or shares of other UCITS and/or UCIs (including Exchange Traded Funds).