The investment objective of the Fund and the Master Fund is to achieve capital appreciation and maximise risk-adjusted absolute returns across the business cycle, regardless of market conditions. The Investment Manager employs a value-oriented equity long/short strategy comprised of: (1) a high-conviction book of deep value long positions and (2) an alpha short book that is core to the Master Fund's strategy and is a standalone profit centre rather than a hedge book. The Master Fund will generally maintain a moderate net long exposure in pursuing its objective and thus the Investment Manager believes that the Master Fund's performance will likely depend to a greater degree on individual stock selection than it will on movements in broad market averages. The Master Fund employs a fundamental and multi-year perspective in identifying its core investments from a universe generally comprised of liquid European equities in all sectors. Furthermore, it implements a rigorously disciplined approach to risk management and capital preservation at the position, portfolio and firm levels in seeking to maximise the delivery of alpha from both its long and short books.