The fund allocates its assets to a number of investment strategies, through which the fund will take both physical and synthetic long positions and synthetic short exposures in a variety of equity and derivative instruments. For long positions, the manager generally uses bottom-up fundamental analysis to identify companies throughout the world that the manager believes are undervalued or expects to experience high levels of growth. The fund's synthetic short exposures will primarily be maintained in derivatives on exchange-traded pooled investment vehicles and/or indices, but may be maintained in other vehicles.