Active management of a diversified portfolio of high grade European equity options, equities and cash. The portfolio has a long bias with a short market hedge but may also take on individual stock shorts from time to time. In-depth company analysis and short- term market volatility provide the manager with the opportunity to gain exposure to stocks at prices below their long-term value. Returns are generated predominantly through the receipt of option premium but also through capital gain on shares bought following option exercise or direct purchase. AUM is all currency classes combined and in EURO.