The Fund’s investment objective is to maximize the compounding of returns over the long-term. The Fund endeavors to do this by allocating capital on a timely and price optimizing basis to those investments offering the best risk/reward profile. The Fund’s return objectives may vary based on the Investment Adviser’s assessment of the current market opportunity set. In certain environments, the Fund’s return objectives will be higher because of richer risk/reward dynamics. In other instances, the Investment Adviser may place a greater emphasis on capital preservation than growth.
The Fund employs a fundamental, discretionary, global macro strategy.
The Fund invests in global financial markets in both developed and emerging markets. The Fund seeks to achieve attractive absolute risk-adjusted returns by making investments (directly or through any Other Investment Vehicle), both long and short, in currencies, interest rates, credit (primarily in sovereign debt or corporate credit indices), equities, and commodities. In all asset classes, the Fund employs both cash instruments as well as related derivatives.
The Investment Adviser employs a top-down global macro analysis, including economic and political risk assessment to identify compelling risk/reward opportunities, as well as fundamental bottom-up research to select securities and structure trades.
The foundation of the Fund’s investment process is an emphasis on due diligence and research involving local market participants, analysts, and business executives, among others, to understand a particular market’s economic and political dynamics and their impact on fiscal and monetary policy. The Investment Adviser believes these relationships, in combination with research and trade structuring, constitute the Fund’s competitive advantage.