We are very cognizant of downside risk and therefore we employ various strategies in an effort to limit the downside of the portfolio.

Strategies employed may include:

• Stop loss orders
• Limiting losses in any one position (normally to 10% of the initial purchase price)
• Avoiding averaging down into losing positions
• Limiting leverage - leverage will not exceed 50% of the fund
• Maintaining a reasonable net short exposure of between 0% and 50% of assets
• Not restricting the level of cash holdings in the fund
• Limits on percentage invested per holding (10%)
• Not over-concentrating in a particular sector
• Profit taking on over-extended stocks