The Fund invests in markets across Asia Pacific, including Japan. APS adopts a bottom-up approach. The major contributor to our portfolio out-performance will be stock selection. We are guided by the business trends we identify and search for substantially undervalued stocks in the region. These trends are long-term and robust, and tend to outlast macro-economic fluctuations. We do not have set country allocations as country weightings are a by-product of our bottom-up stock selection. The country weightings depend on the number of attractively overvalued or undervalued stocks we are able to find in each country. The Fund will reduce return volatility by way of diversification of both the long and short portfolio. The long portfolio have about 50 to 70 positions while the short portfolio have about 20 to 40 stocks. We hedge our positions by shorting stocks that are correlated/paired with our long positions.