M&G Episode - July 2008

The investment process targets absolute returns in all market conditions by seeking to exploit asset class and geographical mis-pricing in the medium term and episodes of excess volatility within such medium term themes. The approach, as now used for Episode, was developed by David Fishwick and first applied to the global macro strategy fund in 1999 since when the global macro team has been using this approach. Net performance since inception is 36.93%. The fund is listed on the Irish Stoc