Leonard Charlton, the Head ofDalton Strategic PartnershipsEuropean Equity Team, has managed the Melchior European Absolute Return Fundsince its launch in February 2010. The funduses the same investment process and strategy that Leonard successfully managedas a Cayman Island Fund (the Melchior European Fund) from 2006.

Leonardcombines a fundamental approach to stock selection with an active trading overlay.

Invests (bottom-up both long and short) in highly-liquid, listed European equities.

Investment positions are traded to benefit from shorter term stock price action and to reduce risk.

TheFund maintains a low net exposure to equity markets and employs leverage judiciously.

Alpha generation is the focusof the strategy.

Sourcesalpha from a variety of market exposures and does not concentrate risk in any one country, sector or market capitalisation bias.

TheMelchior European Absolute Return Fund has a number of advantages for the investor due to its status, namely:

The strategyemployed by this fund is also employed by the Melchior European Enhanced Absolute Return Fund, whichLeonard has managed sinceDecember 2013.

Monthlynewsletter:Melchior European Absolute Return Fund

Luxembourg SICAV – Fund codes and registrations

Melchior Selected Trust prospectus and financial statements

The Melchior Fund range is intended for use by professional and institutional investors.

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