Areca strives to conduct its business with ethical standards and recognises that it must be seen at all times to be acting in accordance with highest standards of governance. Accordingly, the Company expects all employees to conduct themselves with integrity, impartiality and professionalism at all times, and to avoid any conflict of interest that may arise in the performance of their duties. We have in place policies and procedures to address any potential or actual conflicts of interest situations. All transactions with related parties are conducted on terms that are best available to the funds/investment portfolios and no less favourable than arm’s-length transactions between independent parties.

Decision-making authority rests with the appropriate designated fund manager or investment management team, which include asset allocations and individual stocks/instrument selection based on fundamental research and analysis. These decisions are informed by considerations such as market outlook, interest rate trends, and the suitability of the investment to the entity.

Subject to any legal and regulatory requirements, any directors, officers and employees of Areca, its Trustees or any of their respective related companies, may invest in product and services managed by Areca. Trading in securities by our employees is allowed, provided that policies and procedures in respect of the personal account dealing are observed. These include prior approval and annual declaration of securities trading to ensure there is no potential conflict of interest.

Over and above all decisions and steps taken to avoid potential and/or actual conflict of interest situations, the overarching principle of “the interest of the customer to prevail above all” will be upheld. This is a core principle of the investment approach and underscores the commitment to maintaining the highest level of integrity and transparency by Areca.