The Fund's objective is to achieve an absolute return by investing in a diversified portfolio of hedge funds. Typically, the portfolio will invest in 20 or more hedge funds. The objective is to achieve a target return of three month LIBOR plus five percent over a rolling five year period. Capital preservation will be a priority. The investment process incorporates four steps: 1) Strategy Allocation: Fauchier Partners selects the hedge fund strategies most likely to prosper given the prevailing environment. This provides the framework within which all manager selection decisions are made. 2) Manager Selection: Our team identifies the managers best placed to exploit the opportunities identified at the Strategy Allocation stage. Our analysis focuses upon finding those managers with an enduring competitive edge. 3) Portfolio Construction: The Investment Committee constructs portfolios so as to meet each client's objectives. Portfolios are constructed not only to achieve return objectives, but also to ensure acceptable levels of volatility, liquidity and correlation to markets. 4) Risk Management and Monitoring: Risk management takes place at both a portfolio level and underlying hedge fund level. We apply both qualitative and quantitative disciplines to ensure performance objectives can be achieved without taking inappropriate risk.