Synaptic Medical Fund (SMF) is an equity long-short strategy focused exclusively on the health care sector. The Fund seeks to generate attractive absolute total returns with low volatility and low correlation to the broad financial markets. Long equity positions are balanced against short equity positions in a ratio determined by the advisor based on the prevailing financial market environment. Net exposure of the Fund can range between 75% net long and 25% net short, although 50% net long to 10% net short will be the more typical ratio range. Gross exposure is likely to range between 150-250%. SMF focuses primarily on mid to large-cap stocks but can invest up to 20% of gross assets in small-cap equities. The Fund maintains a disciplined, risk-averse portfolio structure and process that includes industry group exposure controls and stop-loss rules in order to maximize returns and to mitigate risk. Security selection is based on in-depth fundamental research, and proprietary stock screens are used to identify potential investments.