The Fund aims to provide capital growth of USD 3 month LIBOR +5% per annum (gross of fees) over a market cycle by investing in a diversified range of assets and markets worldwide. The Fund aims to provide this return whilst targeting an average annual volatility (a measure of how much the Fund's returns may vary over a year) of 10%. The Fund invests in asset classes including, but not limited to, equity and equity related securities, fixed and floating rate securities, currencies and commodities, in order to provide exposure to long and short strategies. Alternative Risk Premia (ARP) can be defined as a reward or compensation for bearing some form of risk that other market participants are unable or unwilling to bear. Such risk can arise from behavioural, economic or structural sources. ARP are different to traditional risk premia such as the equity risk premium (which can be viewed as the excess return that investing in equities provides over the risk-free rate).