The Winton Evolution Fund utilises the Winton Diversified Trading Program, as does the Winton Futures Fund. In contrast to the Winton Futures Fund, Winton Evolution Fund has a greater
allocation to cash equity strategies and has a higher overall risk target. Prior to 2013 the Winton Evolution Fund's mandate considered allocations to a wider set of strategies than those in
the Winton Diversified Trading Program. The Winton Diversified Trading Program engages in the speculative trading of futures, options, forwards, equities and CFDs on world markets.
Winton's investment philosophy is directed towards long term capital appreciation through compound growth. This is achieved by pursuing a sophisticated and widely diversified trading
program employing statistically-derived algorithms. The success of this program does not rely on favourable conditions in any particular market or on general appreciation of asset values.