Culross creates portfolios of hedge funds organised around investment themes. Each theme is populated with hedge fund managers identified as being specialists in that theme and the best in their peer group. The portfolio is constructed and managed to create effective diversification at both the theme and manager levels with the goal focused on achieving low volatility and strong downside risk control. In setting the themes, Culross evaluates continuously the macro forces at work in the global economy, seeking out the best money making opportunities. These could be based on observations about differential rates of growth in different countries, currency valuation imbalances, political developments, market sentiment changes, extreme asset mis-valuations or market pricing inefficiencies. Themes are medium term in nature, lasting between 9-36 months and are re-evaluated for their robustness and future prospects. In selecting managers, Culross employs a combined qualitative and quantitative approach. AUM reflects the aggregate of the various share classes and is denominated in USD share class.