Absolute Return Fund Solutions

Equity Directional

• Long/Short Equity
  The goal is to switch back and forth between net long or net short positions depending on market conditions and opportunities and where the investment manager sees differences between a securities value and market price.
• Long Biased Equity
  The goal is to invest primarily in securities that are expected to appreciate in value. This may include investments in private placements.
• Short Biased Equity
  The goal is to invest primarily in short positions of securities that are expected to fall in value.

Equity Market Neutral

• Equity Fundamental Market Neutral
  The goal is to take advantage of pricing inefficiencies in the equity markets by utilizing a bottom up fundamental approach when selecting long and short positions.
• Equity Statistical Arbitrage
  The goal is to take advantage of pricing discrepancies in equity markets by comparing the current value of a portfolio of stocks to other similar stocks and/or historical performances. These discrepancies are captured through the use of quantitative modelling.

Fixed Income Directional

• Asset Backed Securities
  The goal is to invest in securities backed by notes or receivables against assets other than real estate. These could include auto loans, credit cards and royalties among others.
• Fixed Income
  The goal is to invest primarily on the long side in debt securities such as government, corporate and other types of debt instruments, fixed income options and credit derivatives. Investors will benefit from yield or credit opportunities.

Fixed Income Relative Value

• Fixed Income Arbitrage
  The goal is to take advantage of risk spreads and pricing inefficiencies of sovereign, corporate and other types of debt securities. The manager will pursue yield curve or spread arbitrage as well as credit arbitrage techniques as well.
• Convertible Arbitrage
  The goal is to exploit inefficiencies in pricing between convertible debt securities and the common stocks of the same company. The manager may also attempt to hedge against interest rate exposure.
• Credit Arbitrage
  The goal in credit arbitrage, also known as capital structure arbitrage, is to exploit the mispricing of different classes of securities of the same company. The manager may choose to invest in investment grade and/or non investment grade corporate debt, credit derivatives, loans, equities, structured products, credit index securities and private debt.
• Mortgage Backed Arbitrage
  The goal is to capture the spread advantages inherent in Mortgage Backed Securities due to interest rate fluctuations. To achieve this, the manager may undertake to invest in interest rate futures, treasury securities and options.

Emerging Market

• Emerging Market Debt
  The goal is to invest in the fixed income securities of emerging markets such as Eastern Europe, Asia, Africa and Latin America. The manager will pursue a strategy that is primarily long because some emerging markets do not permit the shorting of securities.

Emerging Market Equity

• The goal is to invest in the equity securities of emerging markets such as Eastern Europe, Asia, Africa and Latin America. The manager will pursue a strategy that is primarily long because some emerging markets do not permit the shorting of securities.

Event Driven

• Distressed Securities
  The goal is to invest in the distressed securities of companies whose securities have been punished due to financial, legal or operating difficulties. The manager will select securities that are expected to recover rapidly due to a share buyback, credit rating upgrade, spin-off or positive earnings surprise. Investment exposure will comprise of equity and debt including high yield and junk bonds.
• Merger Arbitrage
  The goal is to capitalize on pricing inefficiencies in merger and acquisition events. The manager will usually take a long position in the acquired company and a short position in the acquiring company.

Global Macro

• Global Macro
  The manager will make use of a top-down approach. Through the use of leveraging techniques, the manager will capitalize on price-value disparities of stock markets, interest rates, foreign exchange rates and commodities.

Managed Futures

• Long and Short
  The goal is to take advantage of market inefficiencies by investing in all types of futures and options contracts for equity, fixed income securities, currencies or commodities. This is done using a systems approach.

Multi Strategy

• Multi Style – Multi Strategy
  Through a combination of multiple hedge fund strategies, the manager is able to exploit market inefficiencies or movements. This approach allows the manager maximum flexibility to pursue the best opportunities in the market.