The investment objective of the Fund is to seek to generate consistent long-term capital appreciation through active leveraged trading and investment on a global basis. The Fund will invest in a wide range of instruments including, but not limited to, debt securities and obligations (which may be below investment grade or unrated), bank loans, listed and unlisted equities, other collective investment schemes (which may be open-ended or closed-ended, listed or unlisted, may employ leverage and of which the manager or the investment manager may be an affiliate of the Investment Manager) currencies, commodities, futures, options, warrants, swaps and other derivative instruments. Derivative instruments may be exchange-traded or over-the-counter. The Fund may engage in short sales. The Fund may retain amounts in cash or cash equivalents (including money market funds) pending reinvestment, for use as collateral or as otherwise considered appropriate to the investment objective. The Fund will employ an investment process which primarily uses a combination of macro (economic change and monetary policy) and relative value (market inefficiencies) strategies. The underlying philosophy is to construct strategies, often contingent in nature, with superior risk/return profiles, whose outcome will often be crystallised by an expected event occurring within a pre-determined period of time. New trading strategies will be added as investment opportunities present themselves. There can be no assurance that the investment objective will be met.