The Graham Tactical Trend UCITS Fund is a quantitative investment program that employs a tactical trend-based model comprised of multiple trend-following sub-models. The underlying Tactical Trend Strategy has traded at Graham since 2006. Unlike typical trend-following strategies, Tactical Trend scales into and out of positions over the course of a trend. Conversely, generic trend-following strategies are often stopped out of a position at one key level during volatile periods. The Fund’s investment objective is to achieve long-term capital appreciation through trading primarily in sovereign debt securities, foreign exchange and financial derivatives.