The fund focuses primarily on listed equity related instruments. Stock selection is primarily bottom up, based on fundamental research employing disciplined and consistent research procedures. Advantage is taken of short term opportunities and pricing anomalies but efforts are targeted on making gains over the longer term. As such the portfolio is not appropriate for short term investment. Both growth and value stocks are invested in, irrespective of size. Long positions are concentrated in shares that will benefit regardless of the economic environment. Particular attention is paid to event driven strategies focusing on opportunities created by mergers, acquisitions and related situations. Hedging of the portfolio is undertaken through futures and options, and by taking short positions in primarily larger, highly tradable shares.