The investment objective of the Fund is to achieve capital appreciation, whilst limiting risk of loss, by investing globally long and short mainly in quoted securities, government bonds and currencies, but also in commodities and related derivative instruments. The Fund may also invest in the following: (a) financial instruments including futures, options and warrants, often making use of leverage and may enter into swaps, repurchase and reverse repurchase agreements and stock lending transactions; (b) forward foreign currency exchange; (c) commodity futures, government bonds, other fixed-interest securities, preferred stock and monetary instruments and may hold cash on deposit or cash equivalents pending reinvestment; and (d) units in collective investment schemes. The Fund may leverage its capital by borrowing, including (but not limited to) margin lending agreements, and through the use of futures, forwards contracts, options and other derivative instruments. Save in exceptional circumstances, total leverage in respect of the Fund's positions in equities, derivatives, bonds and foreign exchange will be limited to 550 per cent of the Net Asset Value of the Fund from time to time. Within that, total leverage in respect of the Fund's positions in bonds will be limited to 200 per cent of the Net Asset Value of the Fund on a 10 year adjusted basis (i.e. such leverage calculated on the basis of actual leverage being adjusted to the equivalent leverage applicable to similar bonds with a deemed 10 year maturity). Except in relation to leverage as described above, there are no restrictions on the entry into currency forwards, futures, options and contracts for differences. The Investment Manager may from time to time consider hedging currency exposure. In addition, cash deposits may be made with banks other than the Prime Broker and Custodian. AUM reflects the aggregate of all share classes and is denominated in USD.