The Fund's investment objective is to generate positive net absolute returns independent of the market environment by investing across global equity markets. To identify and invest in core secular and short term tactical themes across global equity markets, through a combination of fundamental, quantitative and technical analysis, subject to the risk controls and investment restrictions described herein. The Master Fund will implement a long-short strategy, investing in large-cap equities and liquid equity-linked securities. The investment process may incorporate directional market views within a broad geographic opportunity set, encompassing North America, Western Europe, Asia-Pacific, the BRIC countries and liquid emerging markets. The portfolio will have no inherent long or short bias over the long term and will typically reflect 5-25 concurrent investment themes, which shall be continually re-evaluated throughout evolving market conditions. The securities making up the portfolio shall be liquid and listed (or based on listed instruments), such as large-cap equities, equity index futures, exchange traded funds, listed options and, where appropriate, swaps on indices and sectors and baskets of equities. AUM reflects the aggregate of all share classes and denominated in USD.