The PSAM Merger Fund is focused on investing primarily in announced merger transactions. The Fund invests globally with the majority of our non-US reach in Europe, Canada, Australia, South Africa and from time to time Asia. Hedging: In merger situations, where the consideration offered includes an acquirer's stock, we hedge the long position with the appropriate number of shares to offset the shares we will receive. In certain situations where we are concerned about macro events that may impact the valuation of a transaction, we may short a comparable company or an ETF. We also may utilize out of the money equity index options to provide equity overlay protection for the aggregate portfolio to provide us with protection from sudden market movements. AUM reflects the aggregate of the onshore and offshore fund.