The Orchard SquarePartners Credit Fund Ltd will generally utilize its fundamental research to invest in corporate debt securities (bank loans, corporate bonds, convertible debt, credit default swaps and Emerging Market corporate/sovereign debt). The portfolio will typically invest in DTC-eligible, liquid corporate securities. Furthermore, the Fund will not invest in RMBS, CMBS, TALF/PPIP or other discrete pools of collateral. The portfolio managers will generally seek to hedge non-U.S. dollar currency exposure. The Investment Manager believes that it can achieve a targeted return of 12% net annualized return over a full market cycle (rolling 5 year periods) by investing across the entire debt capital structure and constructing a balanced portfolio of longs and shorts. The manager will utilize long and short positions, relative value trades, capital structure arbitrage and opportunistic trading to maximize the productivity of investments and hedge market, industry and issuer risks.