Our focus on absolute returns dictates that we invest exclusively where we see the best risk-reward and long-term opportunities without regard to any market benchmarks. When combined with analytical focus, adequate diversification and a heavy dose of patience this approach can achieve attractive absolute returns relative to constrained market benchmarks.

While we would anticipate the fund to have a substantial long equity bias most of the time, this need not always be the case. At certain times, we may use modest long leverage; at others, we may use cash as a hedge. Overall, we believe that having the flexibility to invest across a wide universe, vary portfolio exposure and, from time to time, short individual securities improves our ability to manage risk.