The Portfolio Manager, in accordance with the terms of the Portfolio Management Agreement, shall be obliged to use all reasonable endeavours, in the course of carrying out such obligations, to achieve the investment strategy that it deems fit to maximise the total returns achieved by the Portfolio by focusing on value companies. The Portfolio Manager intends to invest in assets that have a catalyst to realize that value: repurchase stock, changes in management, spin offs, assets sales, activist investors or insiders (officials, directors and main shareholder) acquiring shares of their own companies. When macroeconomic opportunities or market conditions are adverse, the fund invest in bonds, ETFs from other value markets and use put options as a hedge.