10.5-1. Fund Manager’s report

The matters set out in (a) to (f) must be included in any Fund Manager’s report, except for the Corporate Treasury Centre Fund Manager's report:

(a)       a restatement of the investment objectives of the Fund;

(b)       a restatement of the policy for achieving those objectives;

(c)       a review of the investment activities, including in relation to (a) and (b), during the period to which the report relates;

(d)       particulars of any fundamental change requiring prior approval by Unitholder meeting made since the date of the last report;

(e)       particulars of any significant change requiring pre-event notification since the date of the last report;

(f)        any other information which would enable Unitholders to make an informed judgement on the development of the activities of the Fund during this period and the results of those activities as at the end of that period;

(g)       for a report on an Umbrella Fund, the information required in (a) to (h) must be given for each Sub-Fund if it would vary from that given in respect of the Umbrella Fund as a whole; and

(h)       for a Fund which invests a substantial proportion of its assets in other Funds, a statement as to the maximum proportion of management fees charged to the Fund itself and to other Funds in which that Fund invests.

(i)             for a report on an ESG Fund the information containing:

(i)     on how the Fund’s investment focus has been met during the financial period, including a comparison with the previous period (if any); and

(ii)    the actual proportion of investments that meet the Fund’s investment focus (if applicable); and

(iii)  any action taken by the Fund in attaining the Fund’s ESG focus.

(j) for a report on a Single Family Office Fund, statements:

(i) confirming that the Single Family Office Fund continues to comprise members of the Single Family;

(ii) confirming that the number of members of the Single Family has not changed (or, if it has, setting out details of the change);

(iii) confirming that the Single Family Office continues to maintain investable assets of USD 1 million.

(k) for a report on a Credit Fund, the following additional information:

(i)         a breakdown of the originated loans between senior secured debt, junior debt and mezzanine debt;

(ii)        a summary of all committed but undrawn Credit Facilities;

(iii)       a breakdown of the originated loans between loans made with an amortising repayment schedule and loans made with bullet repayments;

(iv)       a breakdown of the loan to value ratio for each originated loan;

(v)        information in respect of non-performing exposures and exposures subject to forbearance activities;

(vi)       a summary of the results of the most recent stress testing undertaken in accordance with Rules 6.15.2 (e)(i) or (ii); and

(vii)     a description of any material changes to the credit assessment or monitoring process of the Credit Fund.

 

(l) for a report on an ETF, the following additional information:

(i)         a disclosure of the size of the tracking error at the end of the period under review; and

(ii)        a statement in its annual report explaining:

(A)  any divergence between the anticipated and realised tracking error for the relevant period; and

(B)  the annual tracking difference between the performance of the ETF, and the performance of the index or other benchmark referenced.