The Fund makes investments based on cash flow generation, focusing on event-driven equities and high yield debt. Event-driven securities include equities and bonds created through spin-offs and financial restructurings. High yield debt investments tend to be issues that are more senior in the capital structure with low equity risk. The Fund seeks to buy securities which trade at a significant discount to their intrinsic value and to short securities that trade well above their intrinsic value. Importantly, the Fund invests in situations where a reason for a valuation discrepancy can be discerned and is deemed temporary. The portfolio typically holds 30-40 positions, including equity long/short (30-60% net), and high yield bonds (30-50%).