The investment objective of the O Sub-Fund is to provide capital growth primarily through dynamic investment in a growth/value style biased portfolio of equity securities of undervalued European companies with a high growth potential and investments in Securities of European companies or companies with European issues which the Alternative Investment Fund Manager believes are undervalued and conversely by selling or selling short those Securities which the Alternative Investment Fund Manager believes are overvalued. Another component of the portfolio may include Securities in any type of private or public and or listed company from small cap to large cap, and which are subject to merger, cash tender offer, spin-off, or some other type of corporate reorganization. The Alternative Investment Fund Manager believes that such transactions provide arbitrage opportunities and include a catalyst which if the proposed transaction is completed as expected will allow for the realization of perceived value. The O Sub-Fund will also engage in opportunistic trades around short-term market inefficiencies and dislocations created by such corporate events and or market conditions. The O Sub Fund will use concentration as a method to enhance return potential. The O Sub-Fund will also hold illiquid positions.