The Fund Strategy seeks to generate outsize returns from concentrated (high conviction) positions in value-driven opportunities, typically in the mid-cap segment of the Australian equity market. The Fund's portfolio will typically contain a maximum of five such positions with total portfolio exposure for these positions not exceeding 30% . Returns from these positions can be lumpy and in certain market conditions these trades may not perform well for a period of time. In order to generate steady regular returns as well as to protect capital in volatile market conditions, the balance of the portfolio is invested in large cap long and short ideas that, while generally producing more modest returns, exhibit less volatility and thus provide a baseline return for the portfolio. By following this approach the Fund seeks to capture significant alpha in normal market conditions and preserve capital well in volatile times.