Anaxis Sabre Style Arbitrage Fund is the 1.5X leveraged version of the Sabre Style Arbitrage Program managed by Sabre fund management in London since 2002. It combines the best elements of statistical arbitrage with the best elements of quant equity market neutral strategies. Alpha is generated by: Designing long/short factor portfolios that mimic styles followed by investors e.g. price to book, dividend yield, earnings revisions, long-term price momentum, balance sheet factors, short term price reversals etc; Capturing both long-term bias and persistence in these factors caused by (a) longer term economic cycling and (b) short-term behavioral activity; Using regime switching models to increase/reduce exposure to certain factors on a dynamic basis. We believe this strategy is sustainable in the long-term as no matter what styles investors will follow our models will enable us to adapt to changing market dynamics. The portfolio comprises liquid equities from the UK, Europe, Japan and US regions (Large and mid-caps). 1000 positions is the approximate portfolio size. Net exposure is usually less than 1%. The target return is cash + 9 -12 % p.a. with no significant correlation with equity market and very little correlation with other hedge fund strategies. AUM reflects the aggregate of the various share classes and is denominated in USD.