Abraxas

- The portfolio is constructed from broad top-down strategies enhanced by a bottom-up approach. The top-down strategies are based on the Fund’s long-term geopolitical and economic outlook and its view on cyclical trends. The bottom-up approach drives the Fund’s specific security selection. • Risk Management - Risk Management and capital preservation are fundamental. We strive to add value over time within adequate levels of portfolio risk. Broad diversification is sought through correlated and uncorrelated asset classes. Disciplined use of asset allocation and stop-losses; Non-dependency on single security selection, sector, region, or asset class. Added hedging is achieved through short selling. • Time Frame - The Fund intends to be perpetual. It is firmly focused on long-term results and sustainability. Short-term profits may be sought as long as this does not represent a risk to the long-term model. • Investment Scope – The Fund strives to be broad, flexible and exceedingly diversified. It has global coverage through regional and country specific securities. The Fund is equity and derivatives based, but it may invest in other asset classes. It invests in all market sectors and industries. • Directionality – The Fund is directional with a dynamic mix of long and short positions. Short selling is used to hedge and may be used to enhance the Fund’s return. • Management Philosophy - Management strives to be humble, disciplined and consistent, but also adaptable, flexible, and dynamic. • Performance - The Fund has outperformed its benchmarks in the last five years.