PAF-Global is a multi-manager product that blends hedge and traditional funds, with the objective to outperform global equity markets in the long run with less volatility. PAF-Global management selects investment managers that implement the following strategies: long only equity, equity L/S, event-driven including distressed investing, real estate, natural resources and fixed income. In order to further diversify investments PAF-Global selects managers with diverse regional exposures including emerging markets. On 1 October 2012 the Fund has changed its reference currency from EUR to USD. Actual inception date is January 27, 2009. AUM is the aggregate of all share classes and denominated in USD.