Directional, relative value, and derivatives investment strategies with a focus on highly liquid Russian equities, liquid Kazakhstan GDRs and other liquid commodity exporting emerging markets equities. Since the end of 2009 the Fund's net equity exposure is managed using the proprietary system of global leading indicators backtested on last 10 years historical data. Stock selection is performed according to inhouse DCF models and quantitative analysis. The Portfolio Advisory and Research teams were strengthened in 2009. The Fund's risk profile is monitored online; risk management is performed using VaR metrics and position limits.