The fund is a long/short equity fund with a focus on listed Asian equities. The strategy is a bottom-up approach and aims to identify 10-15 uncorrelated themes which are typically based on structural sector ideas with an investment horizon over 6-24 months. Particular attention is paid to supply dynamics, industry structure, regulatory environment and evidence of industry concentration and fragmentation. Analysis is also conducted on the industry regulation trends and the bargaining power of buyers and suppliers. The objective is to identify dominant structural changes which will lead to surprises in earnings or profit performance that will lead investors to re-evaluate the sector. Themes are populated with individual stocks which are researched under a detailed due diligence process. Key elements analysed are: data on management and analyst coverage, valuation tests which incorporate value and growth criteria, descriptive data on the rationale for the trade, the risks associated with it and catalysts. Positions are sized according to risk/return profile and liquidity. Typically positions are initiated at 1% of the NAV and increased to a maximum of 4-5%. Risk management is integral to the process: technical analysis is used to time the low risk entry and exit points; stop-losses are set for individual stocks, themes and for the entire portfolio. Since October 2006 the manager has adopted a more risk tolerant approach with a resulting increase in returns with slightly higher volatility. The approach is more suited to the Asian markets which can be volatile but tend in the long term to generate significantly higher returns. AUM is not disclosed.