|Investment Advisor||Pioneer Investments|
|Fund AUM (GBP)||£192m|
|Fund AUM as of||31 July 2018|
|Fund Inception||12 October 2004|
|Fund Indices||AH FX UCITS Index|
The fund seeks to achieve a positive return in all types of market
conditions. The fund invests mainly in a broad range of currencies from around the world. The fund may also invest in bonds (mainly short-term bonds), and money market securities and deposits. The fund seeks to take advantage of changes in exchange rates and seeks to hedge currency exposure. The fund may use derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure (either long or short) to various assets, markets or income streams. This may generate a high level of leverage. In particular, the fund will invest in in a large number of forwards and options. The investment manager uses a discretionary and qualitative approach to assess opportunities by targeting both long and short currency positions. The investment manager uses a combination of market and economic analysis to identify trends in currency exchange rates as well as attractive securities.