An equity long/short fund, launched in December 2006, is the firm's 1st flagship fund. The Fund maintains a consistent investment approach with a focus on liquidity, low directional exposure to equity markets. The Fund has three core investment strategies: value recovery, growth-at-a-reasonable-price equity and alpha shorts. Each underlying strategy aims to exploit inefficiencies primarily in the Greater China markets. Since the Fund's inception, a disciplined approach to managing the investment process and portfolio risk, combined with a policy of stable strategy biases, has ensured that the Fund has produced solid compounded returns. Those returns exhibit low volatility as well as a low beta to equity markets and have provided meaningful downside protection in difficult market environments.