The de Lisle Fund is long-biased investing only in publicly quoted US equities and options. It is an unhedged dollar-based Fund which was set up to maximize absolute return from investing in the market. Its primary benchmark is the S&P500. The Fund's investments are driven first by identifying key themes, and then by using strong stock picking skills to take advantage of those themes. Risk management is achieved first and foremost by ensuring that no single stock accounts for more than around 10% of the portfolio. There are currently 100 names in the Fund and while the bias has been toward small and mid-cap since inception, this is by no means a stylistic bent - it merely reflects where successful investments have been found in recent years. Fund was formerly De Lisle Fund and PFS WHI America Fund.