The investment objective of the Majedie Asset Management Tortoise Fund is to maximize total return and to outperform the FTSE All-Share over the long term (i.e. a rolling 3 year period). Majedie has a simple, highly effective, common sense approach to investment. We focus on shares in which we can make the most money, whilst ensuring that our portfolios are well balanced and risk is carefully targeted. We have no inbuilt style biases. Instead we seek opportunities across the market, giving us the flexibility to add value regardless of economic and market conditions. Furthermore, the key to its sustained effectiveness is its flexibility: market and economic contexts may shift over time, but inefficiencies will always remain for those committed and small enough to take advantage of them. The Tortoise Fund is fully knit into the existing Majedie investment process but benefits from even greater flexibility, because it can take short positions alongside long positions, meaning it has a wider array of potentially money making opportunities; we can make money for our clients on shares we believe are overvalued rather than just avoid them, as is the case with the long only funds. The Tortoise Fund represents the optimal combination of the proven Majedie stock picking record on the long side, with Matthew Smith's stock picking flair and technical shorting skill (Matthew joined us in 2006 and has 14 years of investment experience). Within the Fund, Matthew uses the resources of the established team to good effect on both the long and the short side. For his part he focuses on the risk of losing money, rather than of being different from the consensus.