The Fund's strategy is discretionary global macro with an emphasis on emerging markets. The Fund intends to create value by creating a portfolio of diverse investments across debt, interest rates, equity, currencies and commodities to generate returns uncorrelated with the broad markets. The Fund will exploit asset price volatility created by global capital flows, commodity cycles, and investor risk appetite. This Fund takes an opportunistic approach to constructing a portfolio that can profit from both bull and bear markets. The Fund utilizes fundamental top-down macroeconomic analysis (identifies tension points, mispricings, and where we are in the market cycle) to identify themes that have the potential to produce positive returns. The Fund will compliment the top-down analysis with a bottom-up analysis to determine the asset classes and individual instruments that best exploit these themes and allow for optionality. The Fund will focus on obtaining absolute returns by identifying situations with asymmetric risk/return profiles. The manager seeks at least 3:1 payout on trades in the portfolio and prefers options and option like instruments to express the themes. There are usually five to seven themes in the portfolio. Dynamic hedging as well as stop-loss and position adjustment techniques are employed to reduce risk and increase long-term returns.