The objective of the Fund is to create sustained shareholder value by actively managing a portfolio of select privately-controlled Chinese companies regardless of their listing location. Rationale: Since the entrepreneurial segment of the Chinese stock market is still relatively young, qualifying companies tend to be relatively small and less known. Independent bottom-up research can add value. The guidelines are to have 15 to 25 Chinese companies with focus on entrepreneurial companies as opposed to government controlled companies, favoring companies in sectors with higher value creation over commodity related companies, utilities and conglomerates. A bias for companies serving the local market rather than export markets subject to corporate governance trade-offs. Use derivatives for yield enhancement and exposure management, which includes hedging and position taking within stated limits.