The investment objective of the fund is to achieve consistent absolute returns on its assets. The fund has a broad and flexible investment approach to achieving its investment objective. The AE Fund will invest primarily in European equities, with a focus on Italian investments using a fundamental value and bottom-up approach. The investment strategies employed may encompass, among other things, any or all of the following strategies: directional long or short positions with or without a catalyst; long/short equity pairs with or without a catalyst; capital structure arbitrage; risk arbitrage; share class arbitrage; company holding discounts; and relative- and fundamental-value. Short positions can only be implemented via financial derivatives.