Lombard Odier Payden Emerging Market Debt

The Sub-Fund is actively managed in reference to a benchmark. The JP Morgan EMBI Global Diversified (the “Benchmark”) is used for performance comparison and for internal risk monitoring purposes only, without implying any particular constraints to the Sub-Fund's investments. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark however, their weightings are expected to differ materially and the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub-Fund’s holdings are therefore expected to deviate materially from the Benchmark. The Sub-Fund aims to generate capital growth over the medium-long term. It mainly invests in bonds and similar instruments issued by Emerging Market sovereigns, quasi-sovereigns, and corporates, and mainly denominated in non-local currencies of Emerging Markets. The Investment Manager may invest in the full range of fixed income securities, both investment grade and below investment grade (including Distressed Securities up to 5% of the net assets).