The investment objective of the Company is to seek to achieve capital growth in the respective currency of each Class by taking long and short positions primarily in European equity securities and their derivatives. The Investment Manager will strive to produce this capital growth with low correlation to the European equity markets. The aim is also to reduce short-term volatility of returns via the use of hedging instruments and by active management of risk and the Investment Manager will seek to hedge any exposures that are not denominated in the currency of the Class of Shares to which such exposures relate. AUM is combined for both currency classes. AUM is in USD.