Fund Investment Objectives

Our objective is absolute return, in all market environments. We have no pre-determined directional bias. We search for major secular shifts in trends. We favor themes that are disruptive to earnings on an industry level. All sectors are considered. On the long side, we are drawn to names with high earnings growth potential. On the short side, we favor names where we believe earnings could shift from positive to negative. We seek to adopt themes in their early stages. We believe that the market is too short sighted in aggregate, and quite often imperfectly priced. This allows us to enter our themes early, with significant opportunities for alpha over the course of the theme's life cycle. We believe that options strategies generally provide the most effective way to manage absolute risk while constructing attractive risk/return profiles.