The CFP Equity Fund is a specialist long/short global equity fund focused on utilities, oil and infrastructure. The vast majority of the equities within our universe are liquid large-caps but, particularly in the case of utilities, are often less well understood due to complex and lengthy regulation. Additionally, the six industry groups within our sectors each have different performance and drivers including inflation, interest rates, GDP growth, commodity prices and regulation making it a perfect segment of the market for long/short investing. The Fund combines detailed fundamental stock analysis with relative value and shorter-term trading strategies to exploit opportunities in various market conditions, to generate uncorrelated returns, to reduce volatility and to thereby improve the quality of returns. The Fund targets returns of 15% (net) with volatility of less than 10% and expects correlations to major indices to be less than 0.3. The Fund has no long or short bias and employs moderate leverage. We manage a concentrated portfolio of 20-40 positions mitigating risks through a deeper knowledge and analysis of investments and by actively managing position sizing.