Cadence Offshore Fund is a long-short Australian equities fund, with a long bias, that invests in equities listed on the Australian Stock Exchange. Even though the fund has an open mandate, over the past years it has been quite active in small and mid-cap equities listed on the Australian Stock Exchange. The Manager uses both fundamental and technical trend analysis in making investment decisions. It is the Manager's belief that the use of both fundamental and technical trend analysis has a greater probability of producing higher returns than either fundamental or technical trend analysis alone. Investments are classified as either trading stock or research driven core investments. The fund uses a bottom-up approach to investment for research driven core investments. The Manager will target 20 to 40 research driven core investments and anything from 0 to 40 trading opportunities in the portfolio at any one point in time. The Manager monitors fund concentration through continual monitoring of exposures at both an individual stock level and at a sector level. Gross exposure of the fund will generally be between 80% and 150%. Net exposure would generally be between 0% and 100% although there is nothing stopping the portfolio going net short.