Every indexed document

Electron is not in a position to confirm the

which should be carefully read prior to investing.

which will contain material information not contained

or a solicitation of any offer to buy or sell

which is attached as an exhibit to the Investor Presentation

regulators have learned to bring indirect competition even to monopoly‐regulated

but has also produced unintended consequences

Jos Shaver led UBS’ Asian utility industry group and had the privilege of working with Lord

as the ability to find and generate short alpha would have been difficult given the sector’s

often when money is lost on the short side

we are also believers in SOTP risk monitoring. As such

our net averaged 30% long. Given our bearish view on utilities over the last 4

we will always have a properly hedged product as there are always opportunities on the

please note our sweet spot for generating returns over the 7‐year track record has tended

as we also consistently play for “singles and doubles” in the global utility sector with

there is a distinct competitive advantage for those who have an early

utility stock prices (and the Street’s estimates)

yet the “greatest gift” provides the diversification benefit of 4 relatively uncorrelated

correlation of regions within the global

40‐60% of gross allocated outside the US) to the