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Fund Investment Objectives

The Fund's investment objective is to generate consistent absolute returns by taking positions within a broad range of assets. Return target: 15% annually (net of fees). Volatility target: 15% standard deviation of annual return. The Fund is managed based on the belief that it is possible to exploit market inefficiencies when financial market valuations have moved away from their trend or where information asymmetries are present. These inefficiencies are a result of human behavioral and institutional factors, including different reactions to news flow, different investment objectives and different levels of risk aversion. All of these factors are likely to be persistent. This gives us confidence that there is considerable scope for our active management approach to continue to add value in the future. We combine State-Dependent Valuation and Fundamental Valuation. We invest without a systematic bias towards specific market segments and aim to be market neutral over time. Our sources of value added have historically relied on equity based strategies as well as fixed income and currency. In formulating many of our equity strategies, we aggregate bottom-up analytical metrics regarding single stocks in order to reach for a combined valuation of clusters of stocks in the market.