The fund is a high conviction liquid European Long/Short Fund. The PM’s aim to generate consistent returns through careful portfolio construction and active management of the net and gross exposures coupled with disciplined risk management. The strategy is pure bottom up, with a fundamental investment process using in-house research. Company meetings form the core of the process with the book split into three general sub-strategies — defensives, financials and cyclicals. The defensive book is largely driven by bond yields, cyclicals by emerging market growth and financials by central banks. The longer term, fundamental holdings typically form the core of the portfolio, but the PM retains a flexible capital base in order to react quickly to changing market conditions. The short book is a combination of single names that act as an independent profit centre and index futures which are used to make alterations to the portfolio exposures quickly and cheaply.