P&C Global Thematic Investors Fund Ltd. is a Cayman Islands exempted limited liability company incorporated on 3 April 2006 under the provisions of the Companies Law (2004 Revision) of the Cayman Islands. The Company is registered in the Cayman Islands with a registration number of CR-165304.

The Company is registered as a mutual fund under Section 4(3) of the Mutual Funds Law (2003 Revision) of the Cayman Islands with a registration number of 11334. The constitution of the Company is contained in its Memorandum and Articles of Association and a summary of the main provisions of the Articles of Association is contained in Part IX of this Private Placement Memorandum.


The Company's investment objective is to maximize total returns and to exceed the returns available from Euro bank deposits.


The Company’s global thematic investment philosophy is to invest in sectors where long-term growth rates – and hence returns – are more attractive than the average. The Company believes that these sectors can be identified by analyzing the impact of various emerging long–term global themes. Current examples of these global themes are:

• The restructuring of Japan
• Supply inelasticity in commodities
• Energy shortage and alternative energy sources
• The emerging middle-class
• Global outsourcing and Internet hub
• Ageing population
• The development of China
• Water shortages and ecological impacts

The Company will invest in collective/pooled investment vehicles (including open-ended mutual funds and closed end funds) and in individual equities and fixed income securities which the Company considers are well placed to profit from the impact of these global themes.


The following restrictions will apply to the respective Funds:

• No more than 20% of the assets of the Company may be invested in any one fund or collective investment vehicle, including investment trusts, or with any one manager or adviser
• No more than 10% of the assets of the Company may be invested in any individual security or in the securities of any one issuer
• The use of derivative instruments is permitted only as a short-term tactic for capital preservation and is restricted to the buying (not selling) of index put options and the selling of index futures
• No more than 25% of the assets of the Company may be invested in derivative instruments
• Cash held may not exceed 25% of the assets of the Company
• Borrowing up to 10% of Net Asset Value is permitted for liquidity purposes such as making redemptions but direct leverage for investment purposes is not permitted