The Fund’s investment policy objective is to provide absolute total returns whilst maintaining medium levels of volatility. The bias is typically net long, but the manager can build a market neutral or even a net short portfolio as and when, in his view, that would better help the pursuit of its objectives according to market conditions. While the geographical footprint of the fund is mainly European, its investment universe includes all world equities and equity related instruments. In the investment process a bottom-up approach is normally considered essential, especially in areas – like Italy- where the manager believes he has greater local knowledge, which can be a comparative advantage versus the average global investor. Macro considerations will also be used to complement and if necessary, fine tune investment decisions.