StoneWater's investment strategy is to grow capital by investing through experienced managers typically based locally in global emerging markets. The Fund invests in multiple strategies and asset classes to take advantage of the inefficiencies specific to each emerging market region. For equity strategies, we prefer managers that have a long-term investment horizon, select securities based on deep, original and often contrarian research, and manage concentrated high conviction best ideas portfolios.They effectively infuse their public equity investment strategies with private equity mentality and discipline. The same is true for other strategies in which the Fund invests, where we seek managers that take more of a qualitative approach to investing rather than being quantitatively focused traders. StoneWater's principals have a competitive advantage in finding, evaluating, selecting, and working with such fundamental managers because of their significant public and private equity investment expertise, coupled with extensive experience living, working and investing in emerging markets.