The Global Financials Fund was launched in July 2004 under the management of William de Winton. Gross exposure is targeted to range from 100% to 300% and although not market neutral, the strategy does not normally make significant directional bets. Beta-adjusted exposure is typically in a range of +25% to -25%. The investment process is a combination of forging micro with macro analysis i.e. at the micro level volume, pricing, market share, solvency analysis, provisioning, regulatory change etc together with a view on the credit and interest rate cycle at the macro level. The portfolio has a value bias to its company valuation criteria, essentially focused on standard deviation from the company’s historical 5 year mean - a regressional approach based on little sustainable competitive advantage for financial companies.