Fundamental Long/Short equity investment process with a value bias. The Fund targets positive returns on capital invested, irrespective of market conditions. Investment decisions are based on in-depth research of company and sector fundamentals. The Fund has limited derivative positions and material individual directional exposures, and it has always been net long. USD/Rand net equity exposure is hedged via a debit facility provided by the prime broker. The net currency hedging cost approximates 3% to 4% p.a.