Avalon Global employs an opportunistic approach to investing globally, driven by investment themes expressed using top-down industry and country analysis and bottom-up fundamental stock selection. Our analytical work is "organically generated." We visit the companies, meet with many levels of management, attend pertinent industry conferences and check with the competition and customers. Avalon Global's investment approach is focused on equities and not on currencies, bonds or commodities. We will use options, swaps or futures on a limited basis to gain exposure or hedge our equity positions in special situations.