The objective of The Hurdle Fund is to preserve and enhance capital through a portfolio of diversified hedge funds. The Fund is specifically designed for investors who have a time horizon of at least 3 years. The Hurdle Fund intends to achieve its investment objective by actively managing a diversified range of single strategy and multi-manager hedge funds, potentially covering most asset classes subject to the Investment Adviser's outlook for each, and cash or near cash instruments. The Hurdle Fund will invest mainly in funds in the United Kingdom and United Sates of America. However, there are no geographical limits to the funds that the Investment Adviser may recommend, and the Investment Adviser will consider funds in Australia, Japan, Hong Kong and, possibly, other parts of the world. The intended normal exposures of The Hurdle Fund are 20% to 100% absolute return and 0% to 20% cash. The Hurdle Fund shall not have more than a 20% exposure to any individual fund. While it is expected that the Fund will usually invest in a minimum of ten funds, it may invest in fewer should the Investment Adviser and Manager consider this to be appropriate. No gearing will be utilized by The Hurdle Fund although it may borrow for liquidity purposes. Such borrowing will be limited to 20% of the NAV of the Fund. Investors should note that some of the underlying funds may utilize gearing to achieve their objectives from time to time. The Fund may invest up to 20% of the NAV of the Fund in other collective investments schemes managed by the Manager or associates of the Manager. AUM combines The Hurdle Fund, Hurdle GBP Feeder, and Hurdle EUR Feeder.