The strategy has a short-term trading orientation. The Advisors aim to capture market volatility and arbitrage flows across related assets that are not currently traded together by most market participants (i.e. bonds, currencies, credit products, equity indices). These instruments are generally traded by separate trading desks both on the buy side and sell side. This generates variations in asset correlations which the investment team seeks to exploit, often in a relative value approach. The strategy should remain profitable as long as the Advisors remain nimble and the market remains fragmented and volatile. The strategy is not cyclical, although trade opportunities would probably decline if the emerging markets were to emerge too quickly and become more efficient. Volatility aids the strategy as it creates temporary dislocations between instruments and asset classes. The Advisors are not aware of any other funds focusing on arbitrages across the universe of asset classes in which we are involved.