The investment objective of each of the Fund and the Master Fund is to achieve maximum total returns primarily through the capital appreciation of its investments. The Fund initially intends to seek to achieve its investment objective principally by investing in the limited partnership interests of the Master Fund. The Fund will also invest (including take short positions) directly in a wide range of securities and other instruments, including, without limitation, listed and unlisted equities, debt securities (which may be rated or unrated), units or shares in other collective investment schemes, options, futures, over-the-counter derivative contracts and other derivative instruments in order to achieve its investment objective. The Funds have conferred on the Investment Manager maximum flexibility to exploit a very wide range of investment opportunities as they arise. The Investment Manager's intent is to search throughout the global markets for investment opportunities, evaluate their risk and profit potential, and invest when it deems appropriate. There are no material limitations on the investment strategies that the Investment Manager may employ on behalf of the Funds or the instruments, markets or countries in which the Funds may invest or trade. In addition, the Funds may use leverage to enhance their return on equity. AUM combines both share classes.