Multistrategy fund which invests in other domestic or foreign hedge funds or funds of hedge funds. The hedge fund may invest a maximum of 70% on a sole hedge fund or funds of hedge funds. The investments have initially been divided into two absolute return funds of hedge funds, Permal Macro Holdings Limited (PMH) and Permal Fixed Income Holdings N.V. (PFIH) managed by Permal Investment Management Services Ltd (PIMSL) (FSA registered) in a 35-45 approximate proportion. The remaining, up to 10% will be invested in hedge funds and funds of hedge funds, which could have a lower liquidity than the fund managed by PIMSL or other entities of the Permal Group. The hedge fund will have a target annual volatility of between 5 -7% and, under the present market circumstances a target annual average NON-GUARANTEED return of 8% - 12%. It looks for a maximum monthly loss not higher than 5%, with a reliability level of 95%. AUM reflects the aggregate of the various share classes and is denominated in EUR.