The manager's investment philosophy is based on the belief that financial markets are efficient most of the time but that systematic mis-pricing of assets and financial instruments will provide profit opportunities. The managers have identified the pricing of long-dated out-of-the-money options on a variety of asset classes as providing such an opportunity. 36 South believes that the exploitation of this edge requires skilled personnel to research and identify these situations with the objective of maximising the Fund's returns. We believe that all positions in the Fund need to be risk managed to produce superior target returns for a given level of risk. Furthermore the investment managers believe that they need the competent, reliable and professional support of a wide range of service providers to ensure the successful operation of the business in meeting investors, shareholders and stakeholder objectives. AUM reflects the aggregate of the various share classes and is denominated in EURO.