The investment approach is similar to that of an insurance company in dealing with a population to be insured (mutualisation): covering a large population to maximize the premium recollection, whilst eliminating that part of the population that has the highest statistical probability to have an accident, in our case deal termination.
In adopting such a mutualisation approach to the M&A population, profitability is not sought on each and every opportunity exploited by the Strategy but rather the probable contribution of that opportunity to the Strategy's stability of returns. To this end the Fund's portfolio is diversified, however occasionally, the Fund may seek concentration on one or several given opportunities where the risk-adjusted return is favourable. There are no geographical restrictions and the Fund exploits opportunities in all regions. AUM reflects the aggregate of the various share classes and is reported in EUR.