The Sub-Fund qualifies as a “Sub-Fund with a Direct Investment Policy” (as described under “Investment Objectives and Policies” in the main part of the Prospectus). The Investment Objective of the Sub-Fund is to seek capital appreciation while minimizing risk so as to achieve a high risk-adjusted return. To achieve the Investment Objective, Clinton Group, Inc. (the “Investment Manager”) will follow a systematic quantitative trading strategy that attempts to exploit pricing aberrations in equity markets based on the forecasts of its proprietary quantitative equity strategy models. Utilising these models the Investment Manager intends to take long and short positions, predominantly in the shares of a large number of publicly traded companies . The Investment Manager seeks to generate returns primarily from individual security selection („alpha„) as opposed to overall market exposure („beta„).