Hereford Funds-Bin Yuan Greater China Fund - DI A USD ACC Fonds

The investment objective of the Sub-Fund is to provide long term capital growth, measured in USD, primarily through investment in equities and equity-linked securities of 'Greater China Companies'. The Sub-Fund is actively managed. The benchmark index of the Sub-Fund is MSCI China All Shares Net Total Return Index. It is used for the calculation of the performance fee and for performance comparison purposes. The Investment Manager is not in any way constrained by the benchmark index in its portfolio positioning. This means the Investment Manager is taking investment decisions without reference to a benchmark index. The Sub-Fund can deviate significantly from the index. Greater China Companies are companies having their registered office in Greater China and companies organised and located in countries other than in Greater China where a predominant part of their economic activity, alone or on a consolidated basis, is derived from either goods produced, sales made or services performed in countries such as the People's Republic of China, Hong Kong, Taiwan and Singapore. Investment exposure will be achieved through equities and equity-linked securities (such as ADRs (American Depositary Receipt) and GDRs (Global Depositary Receipt)). This also includes investmentin China A-Shares through the RQFII schemes and the Shanghai and Shenzhen - Hong Kong Stock Connects. The Sub-Fund may also invest in investment grade debt securities and convertible bonds, equities and equity related securities of companies outside Greater China and money market instruments. The Sub-Fund will not invest in companies which are included in the list of exclusion of the Norges Bank. For the avoidance of doubt, the Sub-Fund will not invest more than 10% of its net assets in other undertakings for collective investment.