The PING Emerging Markets Macro Fund (offshore feeder) was launched in December of 2010 to focus on global macro strategies with an emphasis on China, Latin America, and other emerging markets opportunities. PING Capital invests in core investment themes with relatively low leverage, developed from economic fundamental research and valuation anomalies in emerging markets. While primarily a directional strategy, the Fund also seeks to add profit from relative value and short term trading opportunities. Instruments traded include local and external bonds, currencies, equities, commodities, and derivatives. PING Capital's team has had extensive experience in derivative trading and analysis which is evidenced by the Fund's research driven and quantitative oriented trading approach. PING Capital's investment process is consistent with that employed by the team for the PING Exceptional Value Fund (PINGEVF on Bloomberg). The Fund's internal macroeconomic research provides ideas about the valuations and economic risk in the markets; however the investment team does not make the investment decisions based solely on macro research. The Fund has a fully developed approach to investing where potential themes are identified and tested as smaller positions. They may then be further refined and expanded to become core themes. Shorter term trading books are also utilized to generate trading profits in themes which have moderate scaling potential but excellent risk reward characteristics. The PING Emerging Markets Macro Fund utilizes more liquid products, diversification, and stricter risk rules than the PING Exceptional Value Fund.