The Manager will seek to achieve the Fund's investment objective by using a three-stage process to identify issuers that the Manager expects will benefit from the growing recognition of environmental stresses, resource scarcity and demographic pressures. The process first focuses primarily on companies that operate in four sectors of the global environmental economy, including alternative power, water, natural and organic foods and environmental technologies. A second set of filters is used to determine the relative impact of different factors on each company, such as the regulatory environment, technology advantage and risk, competitive position, capital structure, development stage and management quality. Finally, the Manager will use financial modelling to identify companies that are generally believed by the Manager to be trading at a discount to the value of their future cash generation potential.