What assets are included in the Fund? How does MAM select these assets? Can these assets change over time?

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The Fund can invest in any private debt instrument including (without limitation) interests in loans originated by bank and non-bank lenders; tranches of residential mortgage backed securities and asset backed securities; senior, subordinated and hybrid debt issued by corporates, banks and governments; cash.

The Fund is managed in line with the Investment Policy Statement (IPS) which mandates constraints in respect of various factors including but not limited to lender, asset class and single loan concentrations, WAL, duration, and liquidity.

The Fund through implementing the investment strategy as outlined in the IPS, may acquire other related assets which Manning Asset Management deems appropriate to enhance the investment strategy.  For example, a derivative to manage interest rate risk. However, it is not currently envisaged that assets other than private debt instruments will form a material portion of the Fund’s composition.

Manning Asset Management follows its investment process and philosophy in determining which assets to select. This includes detailed macroeconomic analysis, portfolio construction, lender due diligence following our 10 stage 100+ point questionnaire and finally loan analysis and purchasing. Comprehensive continuous performance monitoring and analysis of the purchased assets takes place together with ongoing lender dialogue

The assets to which the Fund has exposure to may change over time. The portfolio is adaptive to prevailing market conditions and is actively managed to enhance risk/return characteristics through time. Manning Asset Management operates an active monitoring and surveillance programme which informs future purchasing and reinvestment decisions.

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