The Andromeda Global Credit Fund targets superior risk-adjusted, long-term returns by identifying relative and absolute value opportunities in the global credit markets. The Fund invests in, or shorts, a variety of debt obligations and credit-based derivative products. The portfolio is constructed based on the degree of credit risk and the liquidity of the underlying instruments. The investments include sovereign, foreign and domestic corporate bonds, bank loans, distressed debt, equities and related derivatives. The Fund assumes both investment and sub-investment grade risk in both the developed and emerging markets. Investment opportunities are identified through the use of (i) quantitative models employing credit and equity market information in order to evaluate credit risk and (ii) fundamental credit analysis. This methodical approach provides a facility to examine a large number of debt issues in a consistent and timely fashion and is a powerful complement to the traditional credit risk analyses used to formulate investment decisions. The Fund is managed to maximize absolute returns while maintaining low volatility exposure to the various segments of global credit.