The Investment Manager's investment strategy is a global macro strategy. The Investment Manager seeks to achieve superior risk adjusted returns by identifying investment themes that offer superior reward versus risk characteristics by employing a combination of fundamental and technical analyses. The investment process intends to limit potential losses through the use of stop loss constraints and the Investment Manager will invest the resources of the Fund primarily in liquid securities and derivatives to help mitigate liquidity risk. The Fund's investment objective is to achieve stable positive absolute returns, in excess of 3-month Sterling or USD (as appropriate) LIBOR, with the potential for increased returns in favourable market environments. The Fund intends to achieve its objectives by investing in a broad range of holdings including, but not limited to, equity and debt and commodity securities, collective investment schemes, investment trusts which themselves invest, inter alia, in alternative assets such as private equity and real estate. Investment may also be in money market instruments, gold and cash in major currencies. The Fund may also use derivatives to hedge certain risks and also implement strategies in the assets described above. The Company has agreed to ensure that its investment objectives will not be materially changed for a period of three years from the date of the end of the Initial Offer Period other than in exceptional circumstances and in any event not without majority Shareholder approval. AUM is not disclosed.