Ilario di Bon

Acts as Closed-End Investment Fund/Investment Trust

LIL’s investment process includes the objective, strategy, implementation and review. The firm’s fund management teams use distinct and rigorous investment process in managing their funds. They invest worldwide and manage generalist, diversified portfolios spread across various sectors, managed both on a global and regional basis. LIL’s investment team seeks to create value for shareholders over the medium- to long-term, utilizing a top-down approach for asset allocation and a bottom-up approach for selecting ordinary shares. They monitor performance against relevant indexes, but do not track any index. The firm is primarily an equity investor.

Alliance Trust Plc IM is an active, generalist manager which Invests in quoted and unquoted equities and fixed-income, aiming to generate a real return for shareholders over the medium- to long-term by a combination of capital growth and income. They have no fixed asset allocation benchmark and invest across asset classes and sectors globally. The firm also invests in other asset classes and financial instruments, either directly or through investment vehicles. While equities typically comprise a significant portion of their portfolio, they allocate capital across a broad range of asset classes, employing investment techniques such as gearing and utilizing derivative instruments to hedge, enhance and protect positions, including currency exposures.

FIA UK is an active manager which aims to achieve long-term capital appreciation through a bottom-up approach. They focus on individual companies that seek to identify fundamental value in stocks. The firm uses a wide variety of investment strategies in managing client assets. FIA-UK conducts fundamental research, focusing on business franchise, trading environment, valuation, and management. Top-down considerations complement their approach, with attention paid to political, environmental and social issues likely to impact on a company's potential.

UBS-UK is an active, long-term manager which utilizes integrated investment platforms and a range of investment strategies. The firm employs global tactical asset allocation to take advantage of valuation anomalies through derivatives, both in markets and in currencies. Their investment approach is team-oriented and based on fundamental and proprietary quantitative research generated in-house on a global basis. They aim for a local sector-neutral portfolio selection, which is then used to create global portfolios. UBS-UK invests in equity, fixed-income, hedge funds, liquidity and cash, multi-asset, real assets/PE, and passive/ETFs.