The Confidential Memorandum states the Fund seeks long-term capital appreciation by allocating among a selected group of actively managed, long-biased equity Investment Managers, through unregistered Investment Funds they operate and through separate accounts run by sub-advisers. Managers invest in U.S. and global equities, including emerging markets, with no limit on capitalization, sector, style or geography, and may use short sales, leverage and derivatives. Manager selection is subjective and allocation is at the Adviser's sole discretion. The objective is non-fundamental. The Memorandum calls the investment speculative, with risk of total loss.