Adaptive Fund Ltd.

Fund Investment Objectives

The Voyage Adaptive Fund Ltd. is global macro-driven volatility hedge fund. Our approach is differentiated by our active volatility trading around macro events and most importantly the use of exchange traded funds, global indices and industry sector ETF options to express directional volatility views and capitalize on volatility mispricing through arbitrage. The Fund will also gain exposure in commodities, rates and currencies under attractive macro driven circumstances. The fund maintains a diversified group of sector exchange traded funds, broad based indices, and holds only liquid, short duration fixed income securities and derivatives. The investment team aims to consistently outperform broader indices while limiting volatility and leverage. Proprietary option strategies and hedging techniques are used to keep the standard deviation of the Fund within market ranges and by using tail hedges, delta limits and spreads to limit downside exposure, as well buy VIX calls. As a result, the Fund is able to capitalize on opportunities across all market and volatility regimes by trading adaptive to global market implied risk levels as they cycle from cheap volatility levels, to escalating and rising levels, and finally to overpriced levels. The Fund manages volatility through all cycles and takes a view though each regime.