The Fund focuses on investments in the utility sector in Europe, aiming to capture the value of the evolving power & energy market in Europe through active portfolio management and deep knowledge of the fundamentals at country, region and micro levels. Its universe includes traditional electricity, gas and water utilities, as well as companies involved in renewable energy such as wind and solar power generators and manufacturers. The investment philosophy is based on actively trading our fundamental views combined with a closely followed market perspective. The investment strategy is opportunistic, thematic and concentrated, and it invests mainly in quoted equities although it may selectively use options to improve risk/reward of its trades. The Fund does not use banking leverage and targets absolute returns of 12-15% per annum, net of fees, with volatility of 10% per annum. Our competitive edge is based on the team's depth of experience in trading the Euro Utility markets and their strong risk management skills. The analysis of the utilities sector requires a differentiation between subsectors. Subsectors have specific value drivers which affect companies differently, depending on their business mix. This occurs within a reasonably liquid stock universe with an abundant level of information, which makes it possible to closely monitor the evolution of key drivers and measure their impact on the valuation of the companies. This creates the opportunity set to benefit from relative valuations which are independent from market direction.