YAML searches out merger arbitrage deals and other event-driven situations globally that are either overlooked by most of our competitors or that involve complicated cross border situations and merger rules in smaller markets. The methodology consists of proprietary screening system of global news feeds, customary market research, outside legal counsel, proprietary database of international exchange rules. We hedge fully. Proprietary software for collared deals is used. Hedge against deal break is imperfect at best - we adjust position sizes depending on perceived risk of deal. Usually deals are carried until completion. The average duration is six months. Maximum can run out to two years. The overall exposure of our portfolio is managed by sector and by strategy. No position bigger than 8% of total assets is owned. AUM reflects the aggregate of the various share classes and is denominated in USD.