The prospectus states the Fund's objective is to achieve maximum total return. Under normal circumstances it invests at least 80% of net assets, plus borrowings for investment purposes, in equity securities through long and short positions. The long book centers on growing companies with high returns on capital and barriers to competition, held for multiple years; the short book targets companies with deteriorating fundamentals and is generally not a direct hedge. The Fund may use total return swaps, options, futures and forwards (including macro hedges in currencies, rates, credit and commodities), invest up to 15% in emerging markets, use margin and borrow up to 33 1/3% of total assets.