The Investment Manager's objective for the Fund is to provide total return, predominately through capital appreciation, by investing in event driven and value oriented investments. The Fund generally invests in industries or asset classes that are out of favor, in transition or experiencing turmoil. Many of such investments are expected to restructure, enter bankruptcy or liquidate. The Investment Manager employs a bottom-up research approach, coupled with strong restructuring expertise, trading acumen and integrated risk management, to invest in a broad range of over-the-counter and listed financial products including, but not limited to, bank loans, corporate bonds, asset-backed securities, equities and derivatives. The principal investment strategies for the Partnership include investing in distressed corporate debt, equities (including post-reorganization equities), performing corporate debt, and distressed asset-backed securities. While the Partnership typically maintains a long investment bias, the Investment Manager has the flexibility to make company or industry specific short investments and deploy portfolio hedges. The Investment Manager is not averse to holding significant cash reserves, when appropriate. AUM reflects the aggregate of the LP and LTD and is denominated in USD.