Orchard Square Partners ("OSP") manages a non-cyclical liquid credit strategy whose investment objective is to achieve superior risk-adjusted returns. The strategy emphasizes low volatility and the preservation of investor capital. The experienced investment team pursues these objectives through a combination of fundamental bottom-up analysis and a disciplined risk management framework. OSP generally invests in large-cap liquid corporate credit securities and has the flexibility to invest across the capital structure. OSP investment strategies include capital structure arbitrage, relative value trades and directional long and short trades. Furthermore, because the strategy is not restricted by ratings, OSP frequently engages in ratings arbitrage. OSP actively manages tail risk through credit and interest rate market hedges. OSP also manages the liquidity of the portfolio to maintain the flexibility to be nimble and to take advantage of market opportunities globally.