Fund Overview
The Laminar Credit Opportunities Fund ("the Fund") invests in opportunities in the fixed interest credit markets. These opportunities arise for a number of reasons. Fixed interest securities are traded through an over-the-counter market which often leads to mis-information and a lack of transparency around asset pricing. The Fund seeks to take advantage of this mis-pricing.

Investment Universe
The Fund invests in a broad group of fixed income securities which includes but is not limited to: corporate bonds; bank loans; hybrid securities; credit derivatives; mortgage backed securities; and asset backed securities.

The Fund aims to maintain a composition of 75% investment grade credit and 25% of cross-over credit and it has a regional focus with 70% of its assets coming from the Australasian region.

Investment Process
Laminar Funds Management employs a relative value investing methodology which combines a top-down macro approach with a comprehensive bottom-up selection process. We apply proprietary credit analysis and valuation models to find attractive investment opportunities and we look to minimise risk by overlaying a rigorous risk management framework.

Risk
There are risks with any investment. The fund manager looks to minimise these risks through thorough credit analysis and active portfolio management.

Target Return
The Fund has an absolute return target. The benchmark for the Fund is the UBS Bank Bill Index plus 2%.

Investment Horizon
Unit holders in the Fund are recommended to have a 3-5 year time horizon for their investment.

Liquidity
The Fund is priced every Friday and all applications and redemptions for that week are processed as at that date. LFM posts the Fund's unit price to the website on the Tuesday.

Distributions
The Fund pays a quarterly dividend. Investors may chose to reinvest their dividend in the Fund rather than receive a cash payment.