The investment objective is to obtain uncorrelated returns (with the equity indices) taking advantage of opportunities in Brazilian equity market. The manager focuses on the top 100 listed stocks in Brazil. The manager believes that there are plenty of opportunities in such an inefficient market so that it is not worth to trade illiquid assets. Portfolio construction follows a much disciplined set of parameters and limits (per position, per sector). Alpha generation is supposed to be the biggest contributor for the fund P&L. Gross exposure may be as high as 200% NAV but more typically lies between 120-160%. NAV. Net exposure may lie between -20%/+40% NAV but more typically lies between +10/+20% NAV. The short book is a combination of individual stocks shorts and index futures.