Siebels Hard Asset Fund

Onshore

Fund Investment Objectives

The fund seeks above-average, long-term capital appreciation by investing primarily in long and short equity positions of companies located globally whose main business is either dependent upon or produces hard assets. The target long/short allocation is 50/50. Green Cay identifies market anomalies through its proprietary bottom-up, value oriented research. The fund invests in companies with real assets including commodities, basic materials, real estate, oil and energy. The fund shorts expensive companies trading at large premiums, high cost basic material companies, and companies with decreasing demand. Green Cay is a'values-based investor. AUM combines both this fund and the Siebels Hard Asset Fund (Cayman) Offshore.