The Fund is a quantitative global macro fund with investments made across a wide range of developed and emerging markets. Trading decisions are based on economic signals, value, momentum, flows and volumes. The Fund will seek to achieve its investment objective through the utilisation of systematic trading techniques based on proven and historically robust factors to generate positive returns over rolling twelve month periods. The Fund will take directional views on all the assets classes in which it invests. At times, part of (or all) beta to a particular asset (equities, currencies, commodities, and bonds) may be hedged. Investments will be made within fixed income, commodity, equity and currency markets. The typical number of positions will vary between 50 and 100. The current maximum number of positions is 120 and the minimum number of positions is 0, which occurs when the entire fund is in cash. Asset and model specific constraints are applied to limit the net long and short exposure to equities, commodities, currencies and bonds. Over time, the beta to equities and commodities is close to zero. At specific points in time, however, these betas could be significantly higher or lower. None of the instruments are illiquid. 100% of the Fund can be traded within a day and therefore the impact of liquidity withdrawal is minimal. What does tend to happen when liquidity is quickly withdrawn from markets is that correlations tend to rise. We find no identifiable pattern in returns for such periods. Typically the Fund has a low correlation with other hedge funds strategies and asset classes.