Portfolio Construction

Exposure Ranges / Management

Exposure levels are determined by Investment Committee based on her top down macro views.

Target Gross exposure range of 50% to 150% (Maximum 200% in PPM).

Target Net exposure range of 30% to 120%.

Portfolio Composition

Focus on companies with a market capitalization of USD500M to USD10Bn.

10 to 25 positions in long portfolio.

5 to10 positions in short portfolio.

Short positions are opportunistic and more diversified compared with long positions.

Sector / Position Limits

No one particular stock can be more than 15% (historical cost, limit in PPM is 20%) of the Fund NAV.

No one particular industry can be more than 50% of the Fund NAV.