Polar Capital Discovery Fund — USDS - July 2008

It invests in foreign exchange, fixed income, equity and commodities as well as liquid financial futures and currency forwards in global developed and emerging markets.

It follows an absolute return long/short global macro strategy. Its investment style is a fundamentally driven assessment of the global economy with a bottom up analysis of market drivers.

The portfolio is a single book made up of 5-10 themes. Diversification is at the heart of its approach. Themes are derived from in-house

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