The Fund aims to produce long-term capital appreciation while maintaining low net exposure to global equity markets and other sources of systematic risk. Long and short exposures are balanced by industry, sector and country groups as well as other proxies of systematic risk, such as size, liquidity, currency and balance sheet characteristics. The trading universe includes Asia, Europe, Latin America, US, Canada and the UK. The strategy uses three groups of trading signals to drive positions; quality-of-earnings, relative value and catalysts. These indicators are tailored to specific markets and according to individual company characteristics. Each of these trading signals is combined with estimates of risk and trading costs to construct a highly diversified, risk-controlled long/short portfolio.