Fund Description

The fund uses a macro-aware process to allocate across multiple strategies and instruments, including equities, ADRs/GDRs, mutual funds and ETFs (including those managed by the advisor), unaffiliated private funds, warrants, bonds (investment grade and high yield) of any maturity and duration, currencies, commodities, futures, exchange-traded and OTC options (covered or uncovered), and total/excess return swaps, plus cash and cash equivalents. It may invest globally, including emerging markets, with no geographic limits, and intends to trade actively and frequently, taking directional and relative value long/short exposures across asset classes. Commodity and commodity-linked exposure is primarily via a Cayman subsidiary that may also invest in U.S.-listed crypto-asset ETPs and crypto-asset futures; crypto exposure may be up to 10% of net assets, and up to 25% of total assets may be invested in the subsidiary. The fund is non-diversified.