GAM Star Cat Bond is a UCITS-compliant fund that seeks to capture the structural return from the catastrophe insurance market. Through selective investment in a global portfolio of catastrophe (cat) bonds, the fund aims to produce attractive, stable returns that are uncorrelated to traditional asset classes. Returns from cat bonds are linked to the occurrence of natural catastrophes, such as earthquakes and windstorms. This means they largely perform independently of fi nancial markets and thus offer considerable diversifi cation benefi ts to investors. The fund is managed by Fermat Capital Management, LLC (“Fermat”), one of the most experienced cat bond managers in the world with a market leading position in the management of dedicated cat bond portfolios.