Global Arbitrage Fund SP As of 31 May 2023

Investment Objec ve
To generate consistent absolute returns, regardless of market backdrop, from a range of arbitrage and relative value trading
strategies globally across FX, commodities, rates, equity and volatility asset classes by way of spread driven trading.

PERFORMANCE AND STATISTICS

Monthly Commentary
· It has been a quiet month as the vola lity in the markets con nues to reduce Risk & Return Statistics (Class B) Fund
even as macro uncertainty persists. The interest rate curves started to price in a Monthly Return 0.40%
higher for longer environment.
12 Month Return 8.79%
· Venue arbitrage and treasury stay as the primary contributors in May. The com- Performance Since Inception 82.21%
modity strategies contributed the most while FX contribu ons reduced due to
limited opportuni es. This was offset partly by the new equity arbitrages we Annualized Return Since Inception 6.89%
started. Maximum Drawdown -0.90%

Sharpe Ratio 2.95

· Modest contribu on by market factor arbitrages from spreads moving in favour
on posi ons we have on the books. NAV/share (B - USD class) 1822.06

· Nothing to note in event arbitrage except we are scaling into a special situa on. Fund Information

· Basis trading con nues its steady contribu on this year mainly from crude basis
Fund AUM $142m
and the new strategies in Japan.
Strategy AUM $164m
· We had a mixed outcome in macro this month. The FX basis contributed posi- Asset Manager AUM $214m
vely along vol strategies on being long Nikkei vol. This has been more than off-
Fund Domicile Cayman Islands
set by the rates markets which have been choppy last month primarily due to
China vs Asia rela ve value trades Investment Manager Aravali Asset Management
Fund Administrator NAV Consul ng Inc
Fund Auditor Ernst & Young
Strategy Gross Returns Capital Usage Société Générale,
Prime Brokers
Standard Chartered
MTD QTD YTD
CIO Mukesh Dave
Arbitrage—Venue 0.41% 1.70% 2.88% 10.25% Por olio Managers Claude Cheng, Puneet Gupta
Arbitrage—Market Factor 0.06% 0.47% 1.30% 3.33% Por olio Advisor Vamsi Tatavarthy

Investor Rela ons ir@aravaliasset.com

Arbitrage—Event 0.00% 0.04% 0.05% 0.00%
Dealing Frequency Monthly
RV—Basis Trading 0.19% 0.46% 0.66% 4.40% 1.5% p.a. for class B,C,F
Management Fee
2.0% p.a for class D,E
RV—Others -0.10% 0.50% 0.22% 3.45%
Performance Fee 15% for all classes
Total 0.57% 3.17% 5.10% 21.43%
Lock-Up Period None
Strategy wise gross returns are before fees and expenses. The QTD and YTD numbers might not
have been adjusted for compounding . The capital usage by strategy is an es mate based on Incep on 12th May 2014
posi ons at the end of the month. Both sets of numbers are the best es mates made by the
investment team and are to be considered for indica ve purpose only.

The above material is for information purposes only. While we have made every effort to ensure that it is accurate, its completeness and relevance are not guaranteed. Investment in
securities may carry significant risk of financial loss, and past results do not guarantee future performance. Prior to investment in this or any other investment product, you should make your
own appraisal of the risks from a legal, tax and accounting perspective. This circular is neither an offer to sell nor a solicitation to buy any securities and should not be treated as such. Funds are
only intended for and available to professional, accredited or sophisticated investors pursuant to the relevant Acts and regulations. Prospective investors should obtain the relevant offering
documents and the subscription application, all of which must be read in their entirety. No offer to purchase securities should be made or will be accepted prior to receipt by the purchaser of
these documents and the completion of the appropriate documentation.
 Global Arbitrage Fund SP As of 31 May 2023

Additional Information
Performance is shown net of fees and expenses. Returns for periods of 1 year or longer are annualised. Past performance should not be relied upon as
an indicator of future returns.
Share Class Incep on Date NAV 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years
B—USD May 2014 1822.06 0.40% 2.42% 5.20% 8.79% 6.66% 6.43% 6.73%
C—SGD March 2021 1133.09 0.28% 2.13% 4.80% 8.50% 6.52% - -
D—EUR March 2021 1097.01 0.26% 1.79% 3.85% 6.45% 5.00% -

E—CHF March 2021 1086.23 0.11% 1.47% 3.11% 5.45% 4.46% - -

F—GBP March 2021 1131.08 0.37% 2.17% 4.67% 8.35% 6.47% - -

Share Class Name: Class B. Currency: USD. ISIN: KYG047761039

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2014 -0.10% 1.27% -0.90% 1.07% 0.94% 0.93% 1.26% 4.54%
2015 2.55% -0.14% 0.68% 0.52% 0.24% 0.15% 0.19% 0.31% 0.57% 0.22% 0.07% -0.31% 5.14%
2016 0.95% 0.47% 0.46% 0.16% 1.26% 0.85% 0.15% 0.24% 0.38% 0.61% 1.43% 1.29% 8.55%
2017 0.32% 0.30% 1.08% 0.87% 0.50% -0.51% 1.39% 1.23% 0.68% 0.06% 0.41% 0.97% 7.55%
2018 0.14% 0.72% 0.36% -0.09% 1.40% 1.17% 0.63% 0.19% 1.55% 0.71% 0.40% 0.76% 8.22%
2019 0.50% -0.09% -0.29% 0.72% 0.02% 0.86% 0.00% 0.78% 0.00% 0.25% 1.26% 0.62% 4.72%
2020 0.94% -0.07% 0.98% 1.46% 0.53% 0.01% 0.26% 0.84% 1.31% 0.38% 2.01% 0.09% 9.11%
2021 0.97% 0.13% -0.06% -0.22% 0.11% -0.02% -0.15% 0.42% 0.37% 0.48% 0.08% 0.65% 2.79%
2022 0.75% -0.14% 1.23% 0.41% 0.42% 0.31% 1.11% 0.01% 0.85% 0.77% 0.32% 1.28% 7.54%
2023 1.25% 0.16% 1.42% 0.58% 0.40% 3.87%

Share Class Name: Class C. Currency: SGD. ISIN: KYG0447H1065

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021 -0.07% -0.20% 0.14% -0.03% -0.11% 0.41% 0.39% 0.49% 0.07% 0.56% 1.66%
2022 0.78% -0.13% 1.22% 0.47% 0.37% 0.37% 1.05% 0.07% 1.00% 0.75% 0.24% 1.26% 7.69%
2023 1.13% 0.21% 1.31% 0.53% 0.28% 3.50%

Share Class Name: Class D. Currency: EUR. ISIN: KYG0447H1149

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021 -0.18% -0.32% 0.00% -0.14% -0.26% 0.33% 0.34% 0.43% 0.02% 0.49% 0.71%
2022 0.68% -0.18% 1.14% 0.43% 0.22% 0.23% 0.96% -0.16% 0.86% 0.54% 0.05% 1.01% 5.94%
2023 0.98% 0.02% 1.15% 0.38% 0.26% 2.82%

Share Class Name: Class E. Currency: CHF. ISIN: KYG0447H1222

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021 -0.11% -0.34% -0.01% -0.13% -0.27% 0.31% 0.32% 0.43% -0.01% 0.48% 0.67%
2022 0.68% -0.20% 1.06% 0.48% 0.29% 0.12% 1.05% -0.15% 0.63% 0.62% -0.03% 0.81% 5.49%
2023 0.94% -0.14% 1.02% 0.34% 0.11% 2.28%

Share Class Name: Class F. Currency: GBP. ISIN: KYG0447H1305

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021 -0.08% -0.22% 0.10% 0.00% -0.15% 0.42% 0.37% 0.46% 0.12% 0.42% 1.45%
2022 0.76% -0.10% 1.25% 0.56% 0.41% 0.46% 1.04% 0.13% 1.07% 0.63% 0.14% 1.16% 7.76%
2023 1.12% 0.15% 1.29% 0.50% 0.37% 3.47%

The above material is for information purposes only. While we have made every effort to ensure that it is accurate, its completeness and relevance are not guaranteed. Investment in
securities may carry significant risk of financial loss, and past results do not guarantee future performance. Prior to investment in this or any other investment product, you should make your
own appraisal of the risks from a legal, tax and accounting perspective. This circular is neither an offer to sell nor a solicitation to buy any securities and should not be treated as such. Funds are
only intended for and available to professional, accredited or sophisticated investors pursuant to the relevant Acts and regulations. Prospective investors should obtain the relevant offering
documents and the subscription application, all of which must be read in their entirety. No offer to purchase securities should be made or will be accepted prior to receipt by the purchaser of
these documents and the completion of the appropriate documentation.