The Fund's objective is to deliver high cumulative returns over a full market cycle and it is designed for risk tolerant investors. The fund combines a core fundamentally-based long-short equity portfolio with opportunistic directional strategies. The two components are uncorrelated and the risks taken are the result of systematic and judgmental trades. On the long side, we look for companies that are growing and fundamentally sound, but overlooked. On the short side, we look for companies showing multiple signs of fundamental vulnerability. The directional component is a set of strategies that predominantly trade equity futures to exploit return opportunities that result from enduring characteristics of market behavior. Directional strategies are implemented independently of the long-short equity portfolio.