The Fund’s investment objective is to achieve maximum capital appreciation by investing primarily in long and short positions of publicly-traded companies globally. Alkeon’s investment philosophy is centered on performing deep fundamental analysis of individual companies and identifying growth cycles that are largely independent of economic cycles. The portfolio’s long investments emphasize positions in growth companies with improving fundamentals, strong balance sheets and free cash flows, and superior competitive positions. On the short side, Alkeon maintains an active alpha-seeking portfolio by establishing short positions in low quality businesses facing long term challenges such as unstable and weak business models, deteriorating fundamentals, and declining profitability metrics. Core to the Alkeon approach is the concept that innovation often creates opportunities for growth, while at the same time it can destroy value – this leads to attractive long and short investment opportunities with the potential to create alpha on both sides of the portfolio. Alkeon employs a bottom-up, fundamentally driven, research-intensive approach to investing, the core of which includes extensive analysis of business drivers and detailed modeling of projected earnings, executive-level understanding of industry competitive dynamics, market share shifts, profitability trends and growth rates, as well as extensive communications with industry leaders and executives globally. Alkeon has a mandate to pursue superior growth opportunities globally, including emerging markets.