The Fund's objective is to generate consistently competitive absolute returns by investing primarily in U.S. equities, using a valuation and event-driven approach to stock selection. First Eagle Good Hope's investment strategy begins on the long side with identifying catalysts for corporate change. These opportunities may include management restructurings, mergers and acquisitions, or industry changes. The focus of this event-driven approach is to identify companies with proven managements, an improving competitive position within the industry and strong free cash flows. This long strategy is then balanced with a short strategy focused on hedging both industry and market risks. Industry hedging is accomplished by setting up relative long/short valuation trades, as well as shorting overvalued companies that are at a competitive disadvantage or negatively affected by corporate change. Finally, a market hedge is employed to reduce beta and prevent large draw downs in difficult market environments. The portfolio's average net market exposure is 25-85% net long. As of December 2011, Fund started reporting strategy AUM.