AlphaGen Tenro Fund (Class A USD) - July 2008

The AlphaGen Tenro Fund employs analytical trading, Japanese long/short equity strategy. It is willing to accept a potentially significant degree of volatility in exchange for superior returns.

In order to achieve its target net return of 20% or more, the fund will uses leverage, with a gross exposure of up to 300%. It typically adopts a concentrated approach to stock selection.

The risk parameters allow the net exposure to range between 100% short to 100% long. While the managers may at times take sizeable short-term directional market views, the majority of the returns over time are derived from stock and sector exposures.

The focus of the strategy is to identify near-term catalysts that have the potential to change stock prices materially. A key component of how the fund operates is its way of understanding the consensus expectations at any given time through meetings with companies and contact with sell-side analysts.

With many of the catalysts expected to manifest themselves over a short time horizon, the strategy has a strong tactical/trading bias. This results in a high level of turnover.
Risk is actively managed by employing stop losses that are set as a function of the stock price movement and negative impact at the fund level.