The investment objective of the Fund is to achieve long-term capital apppreciation. The Fund is designed to provide consist returns in Bear and Bull markets with a continuous aversion to risk and strict money management disciplines in order to preserve capital and realised profits. There can be no assurance that the Fund's objectives will be achieved. The Class D shares adopt a measure of leverage on assets under management up to 3 times the nest asset value at any point in time. 20% net bias corresponds to the cash offers of the merger arbitage book. So the beta-adjusted exposure is zero. AUM reflects the aggregate of the various share classes and is denominated in USD.