The DNB TMT Absolute Return Fund is a UCITS III global equities long/short hedge fund within the telecom, media and technology sectors. The fund is fundamentally equity market neutral with a net market exposure of +/- 20 %. Current investments are focused on stocks listed in Europe and the US. However, the fund can invest in stocks listed worldwide. The majority of the positions are in large cap companies with high daily share turnover. Portfolio cash is invested in OECD Zone 1 government bonds while equity exposure is achieved through a portfolio return swap. The fund is allowed to use ETFs and future contracts.