To provide investment results that, before fees and expenses, correspond generally to the total return performance of the Gavekal Knowledge Leaders Developed World Index. Gavekal’s strategy seeks to transform the Knowledge Effect into portfolio alpha. The Knowledge Effect is the tendency of highly innovative companies to experience excess returns. The investment process aims to capture this market inefficiency using a proprietary methodology which capitalizes corporate knowledge investments, measures firm performance on a knowledge-adjusted basis, and selects investments in Knowledge Leader companies on the basis of knowledge intensity.