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This portfolio consists predominantly of non-directional strategies ( merger arbitrage, convertible arbitrage, derivative artbitrage, event driven strategies and distressed securities). It will target a rate of return of 5-10% net of charges, no losing 3 months and bond like volatility (less than 5% p.a.). This fund falls towards the lower risk end of the absolute return universe with a short term focus on making money. The manager requires absolute confidence in the selected managers to provide positive returns in their own right for inclusion in the portfolio. The fund will only invest in established managers with a proven track record. A 5% loss in an underlying fund will lead to an automatic redemption. Returns will principally be attributed to the selection of managers, whilst top down macro calls and the selection of appropriate strategies will provide a smaller contribution. Manager turnover is expected to be low. It is anticipated that this portfolio will close at US250-300m. The fund is Dublin listed and available in £, $ and euros (hedged). Dealing is on a monthly basis.