The objective of Waratah Performance is to achieve an annual compounded net return of 15% over five and ten year investment periods. The Fund takes long and short positions in US and Canadian equities representing the best ideas of Waratah's investment team. When conviction is high, concentrated positions of up to 10% of the portfolio may be taken in individual securities. To maximize opportunities and to reduce risks in response to market conditions, the Manager actively adjusts the gross and net position of the Fund. The Fund also seeks to minimize capital drawdowns by employing rolling stop-loss limits on all individual positions.