Trophy LV Fund is an Asian equity long/short hedge fund which seeks to achieve annual returns of 20% whilst keeping volatility below 10%. The Fund is unbiased and will have net exposures ranging from -30% to +30% with a focus on large and mid cap names. The investment manager uses 2 books to execute the investment strategy; a directional book which is hedged via an overlay book (manages portfolio volatility) and an arbitrage book. Directional/Overlay has a combined maximum gross exposure of 100%, as does the arbitrage book. Net exposure is flat in the arbitrage book. Fund is reporting firm AUM.