The investment objective of the Fund is to seek to achieve superior returns for its Shareholders by investing in global fixed income, currency, commodity and equity markets, and their related derivatives. The Manager and the Investment Managers apply an investment process based on combining a top-down fundamental macro-economic analysis with micro-economic input from the company and industry level. This process identifies dislocations in the financial markets that are exploited by appropriate directional and relative value strategies. Furthermore, the intrinsic synergies between the commodity, equity, fixed income and currency markets allow the Manager and the Investment Managers to extract a favourable risk/return profile while preserving a satisfactory level of diversification. The key medium-term investment themes that evolve from this investment process determine the portfolio construction, and include long and short positions in fixed income and equity securities, currencies, commodities and their related derivatives. Short-term tactical positions are added to the portfolio to give incremental return and diversity.