EnTrust Capital Waters Fund Ltd. (the "Fund") is a value driven, long/short equity hedge fund launched in 1999. The investment objective is to preserve capital while seeking attractive absolute long-term risk-adjusted returns. The Fund's long equity positions which typically include 35-50 positions across multiple market capitalizations are characterized by companies with strong management teams, high and/or increasing returns on invested capital and free cash flow generation. The research of short equity positions, typically 35-50 holdings, is based upon fundamental analysis utilized to identify companies with deteriorating business models and deteriorating financial characteristics. The Fund targets 10-15% net annualized returns.