The Fund will invest all of its assets (to the extent not retained in cash) in the ordinary shares of the Master Fund. The Master Fund's investment objective is to seek to provide investors with positive absolute returns primarily through investing and trading in equities of smaller companies incorporated or whose principal operations are in Europe and whose market capitalisation is less than Euro 2.5 billion at the time of purchase. At the same time, the Master Fund will pursue an active risk management strategy designed for this specialist asset class. There can be no assurance that the Master Fund will achieve its investment objective. AUM reflects the aggregate of the various share classes and is denominated in USD share class. Fund AUM reflects the firm AUM.