H3 Global Strategies Fund

The H3 Global Strategies Fund aims to provide investors Investment objective

with non-correlated absolute returns in all market
environments.
The Fund seeks to do this by applying momentum and
volatility strategies across a range of asset classes,
including equities, bonds, commodities and currencies.
The Fund has the potential to profit from both rising and
falling markets, as it can take “short” positions – which
effectively means it can benefit from an asset class
losing value.
A key attribute of the fund is risk management. The H3
Global Strategies Fund has rigid trading limits (daily stop/
loss limits), which are designed to ensure the fund trades
within a range of its historic performance.
Why invest in a global macro strategy?
• Portfolio diversification: a source of returns historically
uncorrelated to traditional markets.
• Asset diversification: an investment across a range of
multiple asset classes via listed markets.
• Consistent returns: potential for consistent returns in
both rising and falling markets.
Key benefits of the Fund
• Consistent risk-adjusted outcomes.
The Fund is managed using a robust risk management
model that aims to provide more predictable risk-adjusted
returns.
• The Fund invests in highly liquid listed markets to gain
access to global markets. These markets trade around the
clock.
• The strategy has a proven successful track record
since 1999.
• The current size of the strategy/fund theoretically provides
the flexibility to respond to market conditions and change
positions quickly.
• The investment team is highly experienced in futures
trading and has been actively investing in futures markets
since 1995.
Ratings
Zenith Recommended
S&P Three Stars
How to apply
Investors can invest in the Fund via:
• Asgard
• BT Wrap
The objective of the Fund is to generate consistant returns in
both rising and falling market environments over a medium to
long-term time horizon.
Investment strategy
Through an actively managed, quantitatively driven, process
- long and short positions are made across a range of listed
markets encompassing equities, bonds, commodities,
currencies and interest rates.
The Investment Manager believes that global markets can
be normal or dislocated, and both environments present
opportunities to profit from. Furthermore, the Investment
Manager believes the best way to take advantage of these
markets is via the consistent application of a rules-based
approach applied across multiple markets and time horizons.
Portfolio allocations are made using a disciplined, repeatable
and adaptive quantitative process that has been verified over
15 years. This process utilises the robust factors of liquidity,
volatility, price momentum and yield to construct “volatility
targeted” portfolios, and is designed to minimise the impact of
unexpected shocks.
Why invest with H3
• Proven investment process with focus on risk
management: over 15 years’ experience in successfully
and consistently applying the same investment process.
• Highly experienced investment team: over 50 years’
combined experience across multiple asset classes.
• Stability: institutional backing via Ascalon Capital
Managers who is 100% owned by Westpac Group.
Key features
Features Global asset diversification
Long/short positions
Strict risk/volatility controls
Distributions Annually in June
Pricing Daily
Applications/ Daily
redemptions
Currency Hedged to AUD
MER 1.8%
Performance fee 20% (see PDS for details)

For more information please contact Dale Robertson on 02 9017 9706 email robertsond@ascalon.com.au
H3 Global Strategies Fund

Important information
Underlying investment manager: H3 Global Advisors Pty Limited ACN 074 254 425, AFSL 233811.
Responsible Entity and issuer of units in H3 Global Strategies Fund (Fund): Ascalon Capital Managers Limited ACN 093 660 523, AFSL 300697.
This product commentary is provided for general information purposes only. Accordingly reliance should not be placed on this document as the
basis for making an investment, financial or other decisions. This information does not take into account your investment objectives, particular needs
or financial situation. Whilst every effort is taken to ensure the information in this document is accurate, its accuracy, reliability or completeness is not
guaranteed.
Past performance is not a reliable indicator of future performance.
An investment in the Fund is not a deposit with or any other liability of the Westpac Banking Corporation (ABN 33007 457 141) or any other
Company in the Westpac Group of companies. An investment in the Fund is subject to investment risk, including possible delays in repayment of
withdrawal proceeds and loss of income or principal invested. Neither the Bank, Ascalon nor any other company in the Westpac Group stands
behind or otherwise guarantees the capital value or investment performance of the funds or any particular rate of return.
Contractual arrangements, including any applicable management fees, may be negotiated with certain large investors. A product disclosure
statement (PDS) is available for the Fund. You should consider the relevant PDS in deciding whether to acquire, or continue to hold, the product.
S&P
To the extent that any ratings, opinions or other information of Standard & Poor’s Information Services (Australia) Pty Ltd (ABN: 17 096 167 556,
Australian Financial Services Licence Number: 258896) (Standard & Poor’s) constitutes general advice, this advice has been prepared by Standard
& Poor’s without taking into account any particular person’s financial or investment objectives, financial situation or needs. Before acting on any
advice, any person using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation
and needs. You should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or
recommendation about whether to acquire the product. Past performance is not a reliable indicator of future performance. Ratings can change or
cease at any time and should not be relied upon without referring to the meaning of the rating. For more information regarding ratings please call
S&P Customer Service on 1300 792 553 and also refer to Standard & Poor’s Financial Services Guide at www.fundsinsights.com. Each analytic
product or service of Standard & Poor’s is based on information received by the analytic group responsible for such product or service. “S&P” and
“Standard & Poor’s” are trademarks of The McGraw-Hill Companies, Inc. © 2010 Standard & Poor’s Information Services (Australia) Pty Limited.

Zenith
Zenith’s ratings are prepared exclusively for clients of Zenith Investment Partners (Zenith). The rating is of a general nature and does not have regard
to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance
of a licensed financial adviser whether the Zenith rating or advice is appropriate to their situation before making an investment decision. Opinions
expressed may change without notice. Zenith accepts no liability, whether direct or indirect arising from the use of information contained in the rating.