Sestante Global Macro Fund

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1 Product Disclosure Statement Sestante Global Macro Fund Dated: 21 August 2017 ARSN: Responsible Entity: AZ Sestante Limited ABN AFSL Level 13, 1 Margaret Street, Sydney NSW 2000 Investment Manager: AZ Fund Management S.A. 35 Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg Contact details Ironbark is responsible for providing client services to this Fund. If you have an enquiry or would like more information, you can speak to an Ironbark representative between 9.00 am and 5.30 pm (AEST), Monday to Friday (excluding public and bank holidays in NSW). Ironbark Client Services: Phone: client.services@ironbarkam.com Website: Contents 1. Key features of the Sestante Global Macro Fund page 3 2. Summary of disclosure benchmarks page 4 3. Summary of disclosure principles page 5 4. Management of the Sestante Global Macro Fund page 8 5. Details about the Sestante Global Macro Fund page 8 6. Risks of investing in the fund page Fees and other costs page Taxation page Howtoapply page Withdrawals page Other important information page Glossary page 23 Product Disclosure Statement Sestante Global Macro Fund 1

2 Important Information This Product Disclosure Statement ( PDS ) has been prepared and issued by AZ Sestante Limited ( AZ Sestante or Responsible Entity ). The information provided in this PDS is general information only and does not take account of your personal financial situation or needs. It is not intended to be a recommendation by the Responsible Entity or Investment Manager, any associate, employee, agent or officer of the Responsible Entity, Investment Manager or any other person to invest in the Fund. You should not base your decision to invest in the Fund solely on the information in this PDS. You should consider the suitability of the Fund in view of your financial position and investment objectives and needs and you may want to seek advice before making an investment decision. The Responsible Entity, Investment Manager or any of their affiliates, employees, agents or officers do not guarantee the success, repayment of capital or any rate of return on income or capital or the investment performance of the Fund. Past performance is no indication of future performance. Units in the Fund are offered and issued by the Responsible Entity on the terms and conditions described in this PDS. You should read this PDS in its entirety before making any decision to invest in the Fund. In particular, in considering whether to invest in the Fund, investors should consider the risk factors that could affect the financial performance of the Fund. Some of the risk factors affecting the Fund are summarised in Section 6. Indirect Investors The Responsible Entity has authorised the use of this PDS as disclosure to investors and prospective investors who invest directly in the Fund, as well as investors and prospective investors of an investor directed portfolio service, master trust, wrap account or an investor directed portfolio service-like scheme ( IDPS ). This PDS is available for use by persons applying for units through an IDPS ( Indirect Investors ). The operator of an IDPS is referred to in this PDS as the IDPS Operator and the disclosure document for an IDPS is referred to as the IDPS Guide. If you invest through an IDPS, your rights and liabilities will be governed by the terms and conditions of the IDPS Guide. Indirect Investors should carefully read these terms and conditions before investing in the Fund. Indirect Investors should note that they are directing the IDPS Operator to arrange for their money to be invested in the Fund on their behalf. Indirect Investors do not become unitholders in the Fund or have rights of unitholders. The IDPS Operator becomes the unitholder in the Fund and acquires these rights. Indirect Investors should refer to their IDPS Guide for information relating to their rights and responsibilities as an Indirect Investor, including information on any fees and charges applicable to their investment. Information regarding how Indirect Investors can apply for units in the Fund (including an application form ( Application Form ) where applicable) will also be contained in the IDPS Guide. The Responsible Entity accepts no responsibility for IDPS Operators or any failure by an IDPS Operator to: provide Indirect Investors with a current version of this PDS as provided by the Responsible Entity; or withdraw the PDS from circulation if required by the Responsible Entity. Please ask your adviser if you have any questions about investing in the Fund (either directly or indirectly through an IDPS). TheoffertowhichthisPDSrelatesisonlyavailabletopersons receiving the PDS in Australia and New Zealand. New Zealand Warning Statement This offer to New Zealand investors is a regulated offer made under Australian and New Zealand law. In Australia, this is Chapter 8 of the Corporations Act 2001 (Aust) and regulations made under that Act. In New Zealand, this is subpart 6 of Part 9 of the Financial Markets Conduct Act 2013 and Part 9 of the Financial Markets Conduct Regulations This offer and the content of this PDS are principally governed by Australian rather than New Zealand law. In the main, the Corporations Act 2001 (Aust) and the regulations made under that Act set out how the offer must be made. There are differences in how financial products are regulated under Australian law. For example, the disclosure of fees for managed investment schemes is different under the Australian regime. The rights, remedies, and compensation arrangements available to New Zealand investors in Australian financial products may differ from the rights, remedies, and compensation arrangements for New Zealand financial products. Both the Australian and New Zealand financial markets regulators have enforcement responsibilities in relation to this offer. If you need to make a complaint about this offer, please contact the Financial Markets Authority, New Zealand (fma.govt.nz). The Australian and New Zealand regulators will work together to settle your complaint. The taxation treatment of Australian financial products is not the same as for New Zealand financial products. If you are uncertain about whether this investment is appropriate for you, you should seek the advice of an appropriately qualified financial adviser. The offer may involve a currency exchange risk. The currency for the financial products is not New Zealand dollars. The value of the financial products will go up or down according to changes in the exchange rate between that currency and New Zealand dollars. These changes may be significant. If you expect the financial products to pay any amounts in a currency that is not New Zealand dollars, you may incur significant fees in having the funds credited to a bank account in New Zealand in New Zealand dollars. The dispute resolution process described in the PDS is available only in Australia and is not available in New Zealand. This PDS is available at or you can request a copy free of charge by calling Ironbark Client Services on Certain information in this PDS is subject to change. We will notify you of any changes that have a materially adverse impact on you or other significant events that affect the information contained in this PDS. Any updated information which is not materially adverse may be obtained online at or by calling Ironbark Client Services on A paper copy of the updated information will be provided free of charge on request. Product Disclosure Statement Sestante Global Macro Fund 2

3 Key features of the Sestante Global Macro Fund Fund name Investment objective Fund structure Investment style and approach Sestante Global Macro Fund The Fund aims to outperform the RBA Cash Rate +2% p.a. before fees with volatility of less than 4% and low correlation to traditional financial markets over rolling 1 year periods. The Sestante Global Macro Fund ( Fund ), is a registered Australian managed investments scheme. The Fund gains its investment exposure by investing into the Australian dollar ( AUD ) denominated class of units, of the AZ Multi Asset Institutional Macro Dynamic Trading Fund ( Underlying Fund ), a Luxembourg domiciled fund managed by AZ Fund Management S.A. ( AZ Fund Management ). The Fund, via its investment in the Underlying Fund, adopts a global macro-economic investment strategy that involves taking long and short positions in futures on financial indices of various types (equity securities, bonds, currencies and raw materials). Short positions will be taken exclusively on derivative financial instruments. The Underlying Fund may also use derivative financial instruments not only for direct investment purposes noted above but also for hedging purposes and for effective portfolio management. Standard Risk Measure 6 Investor suitability Investors who seek risk adjusted returns with controlled volatility through a global, diversified, multi-asset investment strategy with low correlation to traditional financial markets. Suggested min timeframe 3to5years Minimum initial investment $20,000 Minimum additional $1,000 investment Minimum withdrawal $1,000 amount Minimum balance $20,000 Cut off time for applications 2.00pm (Sydney time) on a Business Day and withdrawals Unit pricing Daily unit pricing Applications and Applications and withdrawals are processed on a daily basis withdrawals Income distributions Income distribution (if any) is paid annually as at 30 June Management cost 1.89% p.a. Performance fee 10% of the percentage increase in Net Asset Value ( NAV ) after ongoing fees are deducted (adjusted for the issuance and withdrawals of units and distributions) in excess of the RBA Cash Rate plus 2% p.a. and provided the Fund s total return is above 0% and the previous High Water Mark has been exceeded. The Fund s constitution refers to this fee as the Incentive Fee. Buy/sell spread Nil Entry fee / exit fee Nil Product Disclosure Statement Sestante Global Macro Fund 3

4 Summary of disclosure benchmarks The information summarised in the following tables and explained in detail in the identified section reference is intended to assist you with analysing the risks of investing in the Fund. You should consider this information together with detailed explanation of various benchmarks and principles referenced throughout this PDS and the key risks of investing in the Fund highlighted in section 6 of this PDS. Benchmark Summary Benchmark 1: Valuation of Assets This benchmark is intended to support investor confidence in the value of the non-exchange traded assets of the fund by addressing whether valuations of a fund s non-exchange traded assets are provided by an independent administrator or an independent valuation service provider. Benchmark 2: Periodic Reporting This benchmark is aimed at ensuring that investors receive timely, basic fund investment performance information on a periodic basis to make informed investment decisions. The valuation of the Underlying Fund s assets is provided by the Underlying Fund s administrator, BNP Paribas Securities Service, Luxembourg branch ( BNP Paribas ). BNP Paribas is independent from Ironbark, AZ Sestante Limited and AZ Fund Management S.A. Net asset valuations of the Underlying Fund is calculated as at the end of each business day. BNP Paribas is responsible for certain day to day operations such as capturing and recording daily trade and portfolio information of the Underlying Fund. The Fund values its investment in the Underlying Fund based on the NAV calculated by BNP Paribas. The Responsible Entity maintains sufficient expertise to monitor the performance of any asset valuation services provided by third parties. Further information on the valuation of the Fund s assets is set out in section 5. The Responsible Entity has a policy to report on the following information as soon as practicable after the relevant period end: the actual allocation of each asset type; the monthly or annual investment returns over at least a five-year period; the key service providers if they have changed since the latest report given to investors, including any change in their related party status; annual report to investors including financial statements and auditor s report; and annual reporting of the liquidity profile of the portfolio assets, the maturity profile of the liabilities, the leverage ratio and the derivative counterparties engaged by the Fund. Monthly reports are made available providing information on the Fund including: a review of market conditions; the current total net asset value of the fund and the redemption value of a unit in each class of units as at the date the net asset value was calculated; net return on the Fund s assets and strategy allocation; whether returns paid to investors are funded other than from investment returns from the fund s assets (at this time, returns are funded from investment returns from the fund s assets); and any material change in the Fund s risk profile, strategy or individuals who play a key role in investment decisions. The monthly report also includes the key service providers, if they have changed since the last report given to investors, including any change in their related party status. As the Fund invests only in the Underlying Fund, the information contained in these reports is disclosed against this Benchmark in relation to both the Fund and the Underlying Fund. The relevant reports are available on the AZ Sestante website at or can be ed at no cost upon request. Is the Benchmark satisfied? Further information Yes Section 5 Yes Section 11 Product Disclosure Statement Sestante Global Macro Fund 4

5 Summary of disclosure principles Principle Summary Further Information Principle 1: Investment Strategy Principle 2: Investment Manager Principle 3: Fund Structure Principal 4: Valuation, Location and Custody of Assets The Investment Manager employs a top-down investment approach focusing on macro-economic data/events and fundamental market analysis to identify anomalies, mispriced assets and shifts in economic patterns and trends as well as to anticipate price movements within some of the most liquid financial markets globally. This qualitative analysis can be supplemented with the use of quantitative analysis. The Underlying Fund s assets are allocated to different strategies, both strategic and tactical, which aim to deliver a recurrent return through diversification and to reduce concentration of risk. Investments may have horizons ranging from a few days to a few months, and the share of each strategy in the Fund can change over time as a function of perceived market opportunities and changing patterns of risk-reward in the markets. The investment strategy of the Fund is unlikely to change however investors will be provided with 30 days notice should any material change occur. Diversification guidelines and further information on investment restrictions, including key assumptions, is set out in section 5. All investments carry risk and different strategies can carry different levels of risks. Key risks and how they are managed are set out in section 6. AZ Fund Management is the investment manager of the Underlying Fund in which the Fund invests. The Responsible Entity reserves the right to terminate and/or replace, at its discretion, the Investment Manager, without providing prior notice to investors in some cases. We will inform investors of any material changes to the Fund in accordance with the law. The Fund is an Australian domiciled, unlisted, registered managed investment scheme, registered with ASIC on 30 June The Fund gains its investment exposure by investing into the AUD denominated class of units of the Underlying Fund, a Luxembourg domiciled fund managed by AZ Fund Management. AZ Sestante Limited is the Responsible Entity of the Fund and the issuer of units in the Fund. AZ Fund Management S.A. is the Investment Manager of the Fund. An Zhong (AZ) Investment Management Hong Kong Ltd has been appointed as investment advisor for the Underlying Fund. KPMG has been appointed as the auditor for the Fund. Further explanation of the entities involved in the Fund structure is detailed in section 4. The estimated Management Cost of the Fund is 1.89% p.a. Further information regarding fees is set out in section 7. Risks associated with the Fund structure are discussed in section 6. For the purpose of the Fund, the Responsible Entity has appointed State Street Australia Limited ( SSAL ) as the Custodian, Administrator and Unit Registry provider. SSAL has overall responsibility for custody of the assets of the Fund, although it may appoint sub-custodians from time to time. The value of a unit in the Fund is generally determined daily on the basis of the value of the investments in the Fund (after taking into account any liabilities), in accordance with the Fund s Constitution. Generally, investments will be valued at the next available market value but other valuation methods and policies may be applied by the Responsible Entity if appropriate or if otherwise required by law or applicable accounting standards. The Fund can allocate 0%-5% in cash and 0%-95% in the Underlying Fund. There are no restrictions on asset classes or geographical location of assets in the Underlying Fund. BNP Paribas Security Services, Luxembourg branch ( BNP Paribas ), has been appointed as Underlying Fund Administrator. For more information regarding valuation and custodial arrangements for the Underlying Fund, refer to section 4. Section 5,6 Section 4 Section 4,5,6,7 Section 4,5 Product Disclosure Statement Sestante Global Macro Fund 5

6 Principle Summary Further Information Principle 5: Liquidity Principle 6: Leverage Principle 7: Derivatives Principle 8: Short Selling The Fund is generally a liquid scheme. The Responsible Entity expects that under normal market conditions, the Fund will be able to realise at least 80% of its assets at the value ascribed in the latest calculations for the Fund s NAV, within 10 days. The liquidity of the Fund is determined by the liquidity of the Underlying Fund. The Underlying Fund predominantly invests in liquid assets in accordance with the Investment Policy of the Underlying Fund, however there may be times when the underlying investments may not be readily sold. This is more likely in the case of investments which are not listed on a recognised securities exchange or are not traded frequently. However, trading volumes of the underlying investments are generally sufficient to satisfy liquidity requirements when necessary. Refer to the liquidity risk in section 6 for further details. The Constitution allows the Responsible Entity to make payment up to 21 days after receipt of a withdrawal request. Further explanation of withdrawal procedures are detailed in section 10. The Fund does not directly borrow or use derivatives for leveraging purposes, however, the Underlying Fund is permitted to use derivatives for leveraging purposes. The Underlying Fund generally aims to maintain the level of leverage at 120% with a maximum limit of 200% (gross), calculated on the total of all derivative instruments notional amounts. The Underlying Fund may gain leveraged exposure directly through the use of exchange traded and over the counter derivatives including, but not limited to, futures, options, swaps and forward contracts. Leverage may increase the volatility of the Underlying Fund s returns by potentially magnifying gains or losses from the Underlying Fund s investments. The value and liabilities associated with leveraged investment strategies can be more variable than traditional investments and there may be greater exposure to possible losses. Accordingly, a leveraged fund may be regarded as having a higher risk profile than a comparable fund which has no leverage. Assets of the Underlying Fund are used as collateral for leverage. The Fund does not invest directly in derivatives, however, the Underlying Fund may invest in exchange-traded and over-the-counter financial derivative instruments to achieve its investment objective and for the purposes of hedging against market, securities, interest rate, exchange rate, credit risk, etc; or for effective management purposes. Risks associated with using these tools might include the value of the derivative failing to move in line with the underlying asset, potential illiquidity of the derivative and counterparty risk (this is where the counterparty to the derivative contract cannot meet its obligation under the contract). The aim is to keep derivative risk to a minimum by monitoring the Underlying Fund s use of derivatives, ensuring that its obligations are met with respect to the derivative contracts and entering into derivative contracts with reputable counterparties. Further explanation of derivatives is detailed in section 5. Risks associated with derivatives are discussed in section 6. The Underlying Managers may use short selling as part of the investment strategy to benefit from falling security prices. The Fund itself does not engage in the short-selling of securities. Risks associated with short selling and how short selling risk is managed are detailed in section 6. Section 5, 6, 10 Section 5 Section 5,6 Section 5,6 Product Disclosure Statement Sestante Global Macro Fund 6

7 Principle Summary Further Information Principle 9: Withdrawals Investors of the Fund can withdraw their investment by completing either a withdrawal form (available via or provide a written request to withdraw from the Fund. Your proceeds will typically be made available on the 10th Business Day from the receipt of your valid withdrawal request. Access to funds Various market conditions can cause difficulties or delays in selling the Fund s assets, or result in a freeze of Fund withdrawals. Such circumstances can mean that it may take longer for you to receive your withdrawal proceeds. The Fund s Constitution ( Constitution ) allows AZ Sestante up to 21 Business Days after receipt of a withdrawal request to make payment. The 21 Business Day period may be extended where AZ Sestante has taken all reasonable steps to realise sufficient assets to satisfy a redemption request and is unable to do so due to one or more circumstances outside its control such as restricted or suspended trading in the market for an asset or where in AZ Sestante s opinion it is in the interests of unit holders to do so. AZ Sestante can deny a withdrawal request where accepting the request would cause the Fund to cease to be liquid or where the Fund is not liquid (as defined in the Corporations Act). When the Fund is not liquid, an investor can only withdraw when AZ Sestante makes a withdrawal offer to investors in accordance with the Corporations Act. AZ Sestante is not obliged to make such offers. AZ Sestante will inform investors of any non-materially adverse change to the Fund s withdrawal procedures and rights via AZ Sestante s website or as otherwise required by law. Where Indirect investors have elected to invest into the Fund via an IDPS, such as a master trust, wrap account or investor directed portfolio service, different terms may apply and the relevant disclosure document for that IDPS should be read. Refer to the Indirect Investors section of the Important Information of the PDS for more information. Section 10 Product Disclosure Statement Sestante Global Macro Fund 7

8 Management of the Sestante Global Macro Fund AZ Sestante Limited AZ Sestante Limited ( AZ Sestante ) is the responsible entity ( Responsible Entity ) of the Fund and the issuer of units in the Fund. It is a wholly owned subsidiary of AZ International Holdings SA. The Responsible Entity is an Australian incorporated company licensed to be a responsible entity, and holds an Australian Financial Services Licence to operate registered managed investment schemes. The Responsible Entity is responsible for: the management of the Fund in accordance with the Fund s Constitution ( Constitution ), the Corporations Act and the general law; and the appointment and the monitoring of the performance of the Fund s service providers including the Investment Manager. AZ Fund Management S.A. Established in 1999, AZ Fund Management S.A. ( AZ Fund Management ) is the manager with the largest number of assets in the Azimut Holding Group. AZ Fund Management is a Luxembourg domiciled asset management company made up of professionals specialised in portfolio management, trading and risk management. The investment management team comprises senior managers covering all asset classes, a multi manager team, a team of analysts, a trading desk, and a risk management desk. An Jhong (AZ) Investment Management Hong Kong Ltd An Jhong (AZ) Investment Management Hong Kong Ltd ( An Jhong ) has been appointed to provide investment advisor services to the Underlying Fund. An Jhong, AZ Fund Management and AZ Sestante are wholly owned subsidiaries of AZ International Holdings S.A. AZ International Holdings S.A. AZ International Holdings S.A. is a wholly owned subsidiary of the Azimut Holding Group ( collectively Azimut ). Azimut is an asset manager with over AU$50 billion in assets under management as at the date of this PDS. Azimut specialises in asset allocation and fund selection and offers financial advisory services to investors primarily via its advisor networks. Azimut has been in operation since 1989 and has been listed on the Italian stock exchange since Ironbark Asset Management Pty Ltd AZ Sestante has appointed Ironbark Asset Management Pty Ltd ( Ironbark ) to provide operational services, compliance and governance monitoring and client services to the Fund. Administrator, Custodian and Unit Registry The Responsible Entity has appointed State Street Australia Limited as the Administrator, Custodian and Unit Registry for the Fund to provide fund administration, fund accounting, unit registry services and to act as the custodian of the assets of the Fund. AZ Fund Management has appointed BNP Paribas Security Services, Luxembourg branch ( BNP Paribas ) as the Underlying Fund Administrator to provide fund administration, fund accounting and to act as the custodian of the assets of the Underlying Fund. Auditor AZ Sestante has appointed KPMG as the auditor for the Fund. In regards to the Underlying Fund, PricewaterhouseCoopers, Société Coopérative have been appointed as the auditor. The fees of the auditor of the Fund are paid by AZ Sestante. Details about the Sestante Global Macro Fund The Fund is a registered managed investment scheme which is governed by the Constitution. The Fund comprises assets which are acquired in accordance with the Fund s investment strategy. Investors receive units in the Fund when they invest. Each unit represents an equal interest in the assets of the Fund subject to liabilities. However, it does not give the investor an interest in any particular asset of the Fund. The Responsible Entity has selected the Underlying Fund to provide Australian investors with access to an investment vehicle and manager that would otherwise have not been available. Investment Strategy The Fund is a global macro, absolute return fund providing access to a diversified range of assets by investing in the Underlying Fund. The Underlying Fund is actively managed to generate gains on transactions. The Investment Manager applies a top-down investment approach focusing on macro-economic data and events and fundamental market analysis to identify anomalies, mispriced assets and shifts in economic patterns and trends as well as to anticipate price movements within some of the most liquid financial markets globally. This qualitative analysis is supplemented with the use of quantitative analysis. The Fund s assets are allocated across different strategies both strategic and tactical aiming to deliver recurrent returns through diversification. Investors in the Fund can benefit from: low volatility with low correlation to traditional markets: the Fund seeks to generate attractive risk-adjusted returns with controlled volatility, in both up and down markets while targeting low correlation to traditional financial markets; a flexible investment strategy: The Fund offers an opportunity to invest in a flexible and diversified investment strategy. The Underlying Fund is not constrained by asset class or geographical limits and has the flexibility to trade where the Manager sees opportunities at a particular point in time; risk management: Risk management is an essential and integrated part of the investment process. Stringent stop loss/gain provisions and strict volatility management are some of the key features of the portfolio s risk management process; and global expertise of AZ Fund Management: The Investment Manager has over 15 years of investment experience and understanding of global economics and asset price Product Disclosure Statement Sestante Global Macro Fund 8

9 valuations, and are further supported by a wide network of investment and research professionals within the Azimut Group globally. The Fund itself does not use any derivatives or short selling. However, the Underlying Fund may use derivatives and short selling. The investment strategy of the Fund is unlikely to change but the required notification of 30 days would be provided to investors should any material change occur. Asset Allocation and Diversification The Fund invests in the Underlying Fund. The Underlying Fund may invest either directly or through the use of financial derivative instruments in a variety of financial instruments including equity securities, commodity index instruments, debt securities, convertible securities, deposits with credit institutions and money market instruments. Issuers of these securities may be located in any country. As a result, the Underlying Fund employs an unconstrained, benchmark unaware strategy that has the ability to gain exposure to various asset classes and geographies while managing volatility. The Underlying Fund aims to deliver investment returns, independently of the direction of the capital markets and/or the momentum of the macro economy and shifts in the business cycles with low volatility. Through the Underlying Fund, the Fund has exposure to long and short positions in futures on financial indices of various types including global equity securities, fixed income, FX and commodities. The arithmetical sum of the values of the long and short positions in financial instruments and derivatives in which the Underlying Fund invests generally does not exceed 150% of the Underlying Fund s NAV. Risk Management Risk management is an integral component of the Investment Manager s portfolio management process. AZ Fund Management s focus is on managing volatility, using stringent stop loss/gain provisions and use proprietary quantitative models to identify market positioning, direction and liquidity. The Investment Manager s risk management is further facilitated by Azimut s Risk Management Unit, an independent team who report to the board of directors. The unit covers market, credit and counterparty, operational and investment compliance risk. Fund Structure The Fund is a registered managed investment scheme, governed by the Constitution. The Fund comprises assets which are acquired in accordance with its investment strategy with investors receiving units when they invest. Each unit represents an investor s interest in the assets as a whole, subject to liabilities. However, it does not give the investor an interest in any particular asset. The value of units in the Fund is determined by reference to the assets and liabilities referable to the Fund. AZ Sestante is the Responsible Entity of the Fund. The Responsible Entity only has rights as a unit holder in the Underlying Fund. The Responsible Entity has engaged a number of professional service providers to provide a range of investment, administration and back office services to the Fund including custody, administration services, and transaction execution. The Responsible Entity has entered into service agreements with service providers and will, with the assistance of the Investment Manager (and its service providers), regularly monitor the performance of the service providers against service standards set out in the relevant agreements. All material agreements with service providers were entered into on arm s length terms. The service providers and their relationship to the Fund and the flow of funds are shown in the diagram below. AZ Sestante reserves the right to terminate the Fund or change the Fund s investment objectives (including the benchmark, asset allocation, investment objectives and investment style and approach) and/or replace the Investment Manager without providing prior notice to investors in some cases. We will inform investors of any material changes to the Fund in accordance with the law. For details of the key risks associated with the Fund structure, refer to section 6. APPLICATION MONIES THE FUND $ 0-5% CASH UNITS ISSUED % UNDERLYING FUND DIRECT AND INDIRECT INVESTORS MANAGEMENT FEE, PERFORMANCE FEE MANAGEMENT FEE AZ SESTANTE LIMITED RESPONSIBLE ENTITY AZ FUND MANAGEMENT S.A. INVESTMENT MANAGER Product Disclosure Statement Sestante Global Macro Fund 9

10 Valuation, Location and Custody of Assets The Fund invests in the Underlying Fund. The Responsible Entity has appointed State Street Australia Limited as the Administrator, Custodian and Unit Registry for the Fund to provide fund administration, fund accounting, unit registry services and to act as the custodian of the assets of the Fund. AZ Fund Management has appointed BNP Paribas Security Services, Luxembourg branch ( BNP Paribas ) as the Underlying Fund Administrator to provide fund administration, fund accounting, unit registry and to act as the custodian of the assets of the Underlying Fund. AZ Fund Management has delegated, under its responsibility and ultimate control, the functions of central administration required by law, such as the accounting of the Underlying Fund, calculation of the net asset value of units, subscription, redemption and conversion services and registration of units to the Underlying Fund Administrator, which also supervises the delivery of all announcements, statements, notices and other documents to unitholders of the Underlying Fund. This delegation is in line with the Responsible Entity s policy. The Investment Manager acting on behalf of the Underlying Fund may terminate the appointment of the Underlying Fund Administrator with written notice of ninety (90) days; the Underlying Fund Administrator may also give up its mandate by written notice of ninety (90) days to the Underlying Fund. In these cases, a new custodian bank must be appointed to assume the duties and responsibilities of Underlying Fund Administrator, as defined by the custodian bank agreement signed for this purpose. The replacement of the Underlying Fund Administrator must take place within two months. The net asset value of each unit of the Underlying Fund is established by the Underlying Fund Administrator, each business day. The net asset value per Underlying Fund unit is expressed in Australian Dollars. The net asset value per unit is obtained by dividing the net asset value of the Underlying Fund by the number of outstanding units of the Underlying Fund. The valuation of assets and commitments of the Underlying Fund is carried out by the Underlying Fund Administrator as follows: The value of liquidity held in cash or in deposits, directly payable securities and payables, advance payments, dividends, profits and/or interest due but not yet collected, are composed of the par value of the said entries, unless it is unlikely that they will be actually received. In this case, the value is established by subtracting the amount deemed appropriate to reflect the real value of the assets; The valuation of transferable securities and money market instruments listed or traded on the stock market or other regulated market which operates regularly, is recognised and open to the public, is based on the price on the last business day ( Underlying Fund Valuation Date ) prior to the Underlying Fund valuation day. If a transferable security or money market instrument is traded on more than one market, the valuation is based on the last known price on the Underlying Fund Valuation Date of the main market of the said security or instrument. If the last known price on the Underlying Fund Valuation Date is not representative, the valuation is based on the likely net breakup value, prudentially estimated in good faith; Transferable securities and money market instruments not listed or traded on a regulated market which operates regularly, are recognised and open to the public, are valued based on the likely net breakup value, prudentially estimated in good faith; Futures and options are valued based on closure prices on the relative market the previous day. The prices used are liquidation prices on futures markets; Units of Undertakings for Collective Investment in Transferable Securities ( UCITS ) are valued based on the last net asset value available; Swaps are valued at their fair value based on the last known closure price of the underlying security. Futures contracts are valued based on closure prices on the respective market the previous day. The Investment Manager may use different valuation criteria based on the average price of the same previous day for Underlying Fund valued on a monthly basis and under certain market conditions; Assets expressed in a currency other than Australian Dollars, the base currency of the Underlying Fund, will be converted at the last available exchange rate. All other assets shall be valued based on the likely net breakup value, which must be estimated with due care and in good faith. The Investment Manager is authorised to use any other generally accepted valuation criteria deemed appropriate for the Underlying Fund s assets, in the event that it is impossible or inappropriate to use the valuation methods considered above due to special or exceptional circumstances or events, in order to obtain a fair value of the Underlying Fund s assets. AZ Fund Management will hold sufficient liquid assets or cash to hedge the expenses borne by the Underlying Fund. Off-balance sheet expenses will also be considered, according to fair and prudential criteria. Liquidity The Responsible Entity currently expects to be able to realise at least 80% of its assets at the value ascribed to those assets in calculating the Fund s NAV within 10 days. The Responsible Entity does not guarantee that the Fund will remain liquid. The liquidity of the Fund is determined by the liquidity of the Underlying Fund. Circumstances associated with the Underlying Fund and the underlying investments in which the Underlying Fund is invested, may mean that there are times when the underlying investments may not be readily sold and the Fund could be illiquid. AZ Fund Management monitors the redemption frequency, lockup periods and notification guidelines for redemptions which are aggregated to provide an ongoing measure of a portfolio s liquidity. AZ Fund Management seeks to monitor the liquidity of the portfolio of the underlying investments of the Underlying Fund. Short Selling The Fund itself does not engage in the short-selling of securities, however the Underlying Manager may borrow or lend securities as part of its investment strategies. This investment technique is referred to as short selling. The Underlying Product Disclosure Statement Sestante Global Macro Fund 10

11 Manager may engage in short-selling if it believes assets are mispriced or for hedging purposes. Short selling occurs when the Underlying Manager borrows a share from a securities lender and sells it on the share market (known as a short position). When the borrowed shares are returned to the lender, it will buy the share from the share market. If the share has dropped in price, the Underlying Manager will benefit, as it buys the share at a lower price than it sold it. If the share price has risen, the Underlying Manager will have to buy the share at a higher price than it sold it, thereby making a loss. Short positions on particular stocks are taken when it is expected that these stocks will fall in price. The Underlying Fund limits the arithmetical sum of the values of the long and short positions in financial instruments and derivatives in which the Underlying Fund can invest to 150% of the Underlying Fund s NAV. Refer to Section 6 of the PDS for further information in relation to short selling risk. Leverage Leverage will not be used directly by the Fund to generate returns. The Fund does not directly borrow or use derivatives for leveraging purposes, however, the Underlying Fund is permitted to use derivatives for leveraging purposes. The Underlying Fund generally aims to maintain the level of leverage at 120% with a maximum limit of 200% (gross), calculated on the total of all derivative instruments notional amounts. The Underlying Fund may gain leveraged exposure directly through the use of exchange traded and over the counter derivatives including, but not limited to futures, options, swaps and forward contracts. The Underlying Fund will generally not borrow in excess of 10% of the total assets of the Underlying Fund, any such borrowing is typically through a financial institution provided on a temporary basis. However, the Underlying Fund may acquire foreign currency by means of a back-to-back loan. The Underlying Fund will generally use the types of leverage described however has the discretion to use other types as required. In relation to the purchases and sale transactions that the brokers will settle for the Underlying Fund, the brokers may provide financing to the Underlying Fund and may hold assets and cash on behalf of the Underlying Fund in connection with such settlement and financing transactions. As security for the payment and performance of its obligations and liabilities to the brokers, the Underlying Fund will advance to the brokers, collateral in the form of securities or cash. Leverage may increase the volatility of the Underlying Fund s returns by potentially magnifying gains and losses from the Underlying Fund s investments. The value and liabilities associated with leveraged investment strategies can be more variable than traditional investments and there may be greater exposure to possible losses. Accordingly, a leveraged fund may be regarded as having a higher risk profile than a comparable fund which has no leverage. As an example, assuming that an Underlying Manager has $1 of capital, borrows $1 and invests the full $2 in a portfolio of stocks (i.e. the Underlying Manager is long $2). At the same time, the Underlying Manager sells short $1 of stocks (i.e. the Underlying Manager is short $1). Gross Leverage = (Long position + Short position) / Net Asset Value Gross Market exposure = ($2 + $1) / $1 = 300% Net Leverage = (Long position Short position) / Net Asset Value Net Market exposure = ($2 - $1) / $1 = 100% Please note that the above examples have been provided for reference purposes only. Any assumptions underlying these examples are hypothetical only. Derivatives The Fund does not directly invest in derivatives. However, the Underlying Fund may use derivatives: to hedge against market, securities, interest rates, exchange rates, credit risk, etc; efficient portfolio management; and for investment purposes. The Underlying Fund may invest in financial derivative instruments that include, but are not limited to, financial futures contracts, options (on equities, interest rates, indices, bonds, currencies, commodity indices or other instruments), forward contracts (including foreign exchange contracts), swaps (including total return swaps, foreign exchange swaps, commodity index swaps, interest rate swaps, and swaps on baskets of equities, volatility swaps and variance swaps), contracts for different credit derivatives (including credit default derivatives, credit default swaps and credit spread derivatives), warrants, and structured financial derivative instruments such as credit-linked and equity-linked securities. These derivatives may be over-the-counter ( OTC ) or exchange traded derivatives. The Underlying Fund will generally use the types of derivatives described however has the discretion to use other types of derivatives as required. The Investment Manager generally does not disclose the identities of the counterparties to the Responsible Entity. The Underlying Fund will only enter into transactions with counterparties which is deemed to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the Commission de Surveillance du Secteur Financier ( CSSF ) as equivalent to European Union prudential rules. The counterparty does not have discretion over the composition or management of the Underlying Fund s portfolio or over the underlying financial derivative instruments used by the Underlying Fund. The Underlying Fund will generally only enter into derivative contracts with a small number of counterparties but this may change from time to time. For further details regarding the risks of derivative use, refer to section 6. Distributions The Fund usually distributes income (if any) annually. Distributions are usually calculated on the last day of each accounting period ending 30 June, and are normally paid to investors within 30 days of the period end, although the Constitution allows up to 2 months from the end of the relevant distribution period. Subject to the law, AZ Sestante may amend the distribution frequency without notice. An investor s share of any distributable income is calculated in accordance with the Constitution and is generally based on the number of units held by the investor at the end of the distribution period and the distributable income. Investors can have their distribution reinvested or paid to a nominated bank account. Investors who do not indicate a preference will have their distributions automatically reinvested. Product Disclosure Statement Sestante Global Macro Fund 11

12 In some circumstances, such as where an investor makes a large withdrawal request or application request (5% or more of the units on issue at the date the request was received), AZ Sestante may determine that a special distribution be calculated and distributed earlier than usual in order to: (1) in the event of an application, prevent dilution of distributable income to the existing unit holders; and (2) in the event of a withdrawal, ensure the redeeming investor receives their share of distributable income so the remaining investors are not left to bear the redeeming investor s portion of taxable income. There may also be a special attribution of taxable components to redeeming Investors under the AMIT regime. Indirect Investors should review their IDPS guide for information on how and when they receive any income distribution. Risks of investing in the fund All investments carry risk. Different investment strategies may carry different levels of risk, depending on the assets acquired under the strategy. Assets with the highest long-term returns may also carry the highest level of short-term risk. Highlighted below are some of the significant risks you should consider when deciding whether to invest in the Fund. You may want to consider these risks in light of your risk profile. Your risk profile will vary depending on a range of factors, including your age, the investment time frame (how long you wish to invest for), your other investments or assets and your risk tolerance. AZ Sestante does not guarantee the liquidity of the Fund s investments, repayment of capital or any rate of return or the Fund s investment performance. The value of the Fund s investments will vary. You may lose money by investing in the Fund and your investment in the Fund may not meet your objectives. The level of returns will vary and future returns may differ from past returns. Laws affecting managed investment schemes may also change in the future. In addition, we do not offer advice that takes into account your personal financial situation, including advice about whether the Fund is suitable for your circumstances. If you require personal financial advice, you should contact a licensed financial adviser. Risks Specific to the Sestante Global Macro Fund Capital risk Conflicts of interest risk Counterparty risk Credit facilities risk Currency risk Derivative risk Fund risk Fund of Fund risk The value of units in the Fund may rise or fall depending upon a number of factors including the value of investments made by the Fund. There is no guarantee of repayment of any or all of your capital invested. The Responsible Entity, Investment Manager and the Investment Advisor may act in a similar capacity to, or be involved in other funds which may have similar investment objectives, leading to conflicting demands in allocating management time, services and other functions. The Investment Manager may engage in a variety of transactions such as futures contracts, forward contracts, over-the-counter transactions and structured transactions, that could expose the Fund to risks related to the counterparties in such transactions. Such risks include the risk that the counterparty may be unable to perform with respect to the transaction, whether due to credit or liquidity issues, insolvency, bankruptcy, governmental prohibition or other causes. If the Underlying Fund undertakes any short-term borrowings as permitted by its constitution, the Fund may be subject to a greater risk of loss than if the Underlying Fund did not utilise such credit facilities. The Fund invests in overseas markets and has exposure to movements in the currencies concerned. There is a risk that changes in global currency rates will adversely affect the value of the Fund. Derivatives are financial instruments that are used to obtain or reduce market exposures. They can potentially create leveraged positions, where exposures are obtained that are greater than the value of assets required to support them. The Fund is not permitted to invest in derivatives, however may have exposure to derivatives through the Underlying Fund. The Underlying Fund will generally only enter into derivatives contracts with a small number of counterparties but this may change from time to time. The value of derivatives can be influenced by a number of factors, including movement in the value of the underlying assets, difficulty in liquidating the derivative and counterparty risk (this is where the counterparty to the derivatives contract cannot meet its obligations under the contract). Fund risks include the potential termination of the Fund, change of the fees and expenses (in accordance with the Fund s Constitution), change in the Investment Manager or investment professionals of the Investment Manager, or the risk of error in the administration of the Fund. The Responsible Entity s rights in relation to the Underlying Fund are limited to its rights as a unitholder in that Fund. There is also a risk that investing in the Fund may give different results than investing individually because of income or capital gains accrued in the Fund and the consequences of applications and withdrawals by other investors. AZ Sestante aim to manage fund risk by regularly monitoring the Investment Manager and the investment management process to ensure they are acting in your best interests. The Fund invests in a fund of alternatives investments and is subject to certain risks associated with an investment in alternative investments. These risks may include, but are not limited to, higher fees than investing directly in the Underlying Fund, the use of derivative instruments and leverage, reliance on key personnel, the unregulated nature of alternative investments, broad investment strategies, investments in emerging markets and lack of liquidity and volatility in the underlying investments of the alternative investments. Product Disclosure Statement Sestante Global Macro Fund 12

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