Panorama

Offshore Fund, Ltd.

Fund Investment Objectives

The Fund is multi-strategy and opportunistic with a long bias. To achieve the Fund's investment objectives, the Investment Manager employs a variety of investment strategies designed to profitably exploit perceived inefficiencies and mispricings in capital markets. These strategies include buying and selling long and short positions in securities and the prudent use of leverage and derivatives. The Fund pursues a flexible investment style with the ability to execute both long and short strategies with equity and debt securities, and derivatives. The Fund utilizes short selling, leverage and derivatives where the risk/reward trade-off of the investment appears compelling. The Fund is unconstrained by industry, market capitalization, currency or geographic region, investing in companies and opportunities and not markets, identifying highly defendable business franchises with compelling growth strategies. The Fund avoids unproven business models, poor balance sheets, excessive leverage, and portfolio concentrations.