Pannotia Fund is a long/short fund that invests in publicly-traded equity securities of companies domiciled in Asia ex-Japan, focusing on China, India, South Korea, Malaysia and Singapore. The fund seeks to achieve substantial capital appreciation through (i) investing in the equity securities of undervalued companies, (ii) selling short the shares of overvalued companies and companies with rapidly deteriorating fundamentals, and (iii) actively managing its net equity market exposure. The investment team focuses its research on approximately 200 high-quality industrial, consumer and business service franchises with market capitalizations between $1 billion and $30 billion. Our approach to corporate valuation utilizes a bottom-up approach to analyzing cash flow and earnings potential, and we utilize constructive shareholder activism, where appropriate. The fund has a typical net exposure range of
40%-70% and a typical gross exposure range of 95%-135%. Generally, investments include equity securities, short sales and options, but no futures.