The Fund will be invested in securities issued by Japanese companies and traded on Japanese stock markets, and in derivatives of such securities. The Fund adopts a bottom-up approach based on fundamental research. The Investment Manager will seek to achieve the investment objective by holding long undervalued Japanese equities and by selling short the equities identified as overvalued and unattractive or their derivatives. The Fund targets 10%-20% annual absolute returns with volatility of around 5%-10%. The typical range of gross position is 90%-160% and not more than 200% at any time. Standard range of net position is 0% to 60%.