The investment objective of the Fund is to seek superior long term capital appreciation by investing in a concentrated portfolio of Chinese equities. Specifically, the Investment Manager seeks to purchase a long portfolio of high quality Chinese companies when they are available at prices the Investment Manager believes are undervalued. The Investment Manager may also opportunistically sell short other Chinese equities it believes are overvalued. The Portfolio will typically consist of Chinese companies listed on major international exchanges and available to non-Chinese investors. The Portfolio will largely include shares of Chinese companies that trade on the New York Stock Exchange or NASDAQ Stock Market (i.e., "N-Shares") and on the Hong Kong Exchange (i.e., "H-Shares" or "Red Chips"). The Portfolio may include shares of Chinese companies that trade on other stock exchanges, as well as shares that trade on Chinese exchanges in Shanghai or Shenzhen (i.e., "A-Shares" or "B-Shares"). The Portfolio may also include non-Chinese companies that have business dealings in and with China, including but not limited to companies domiciled in Hong Kong, Macao and Taiwan.