Pamplona Credit Opportunities Fund (PCO) invests in both structured credit and corporate credit. Structured credit investments include RMBS, CMBS, CDOs and Consumer Credit, in any part of the capital structure. PCO is generally not active in the correlation markets or transactions where part of the capital structure is dynamically hedged by a financial intermediary. Corporate credit includes both investment grade and non-investment grade, performing and non-performing credits. PCO's geographical focus is predominantly Europe. At any point in time, PCO will focus on those segments of the credit markets where it sees the highest relative value and concentrate its analytical resources and capital on those segments. PCO further looks for securities or issuers that are either fundamentally cheap to its peers or where there is a situation, event or catalyst coming up that will change the value of the security. Where possible, PCO aims to hedge the market risk to extract the alpha from the investment idea. Prior to June 2009, returns stated refer to the Class X shares which have the same fee structure as the Class A Shares (USD). AUM is the aggregate of all share classes and denominated in EUR. Minimum investment is in USD.