The Monterey Japan Equity Fund has a blended approach of top-down and bottom-up analysis in Japan equity market. Top-down approach focuses on ascertaining the environment for global macro factors affecting Japan, among global economic, fundamentals, politics, policies, events, financial market (equity, currency, credit, interest and commodities). It decides the gross and net exposure of our portfolio. Bottom-up approach focuses on individual company fundamentals, earnings, technology, management, competition, value-chain, valuation, event, catalyst. We take the advantage of opportunities through changing Long/Short net exposure positioning in various market conditions. Portfolio is mostly composed of mid-large cap stocks and well diversified. AUM is not disclosed.