As investors, not traders, the fund has historically had lower turnover than our peer group. Typical turnover is usually less than 150% for long positions and less than 250% for short positions while our security holding period is often greater than one year. Typical aggregate turnover is between 2x and 3x. In fact, many positions in the portfolio, both long and short, have been held for over two years. Initial position size tends to be approximately 50 basis points. As our comfort level with the opportunity increases, we may grow the position size into a full position (approximately 5% at cost).