The adviser uses the following principal strategies: investing primarily in common stocks, selected for their appreciation potential; investing in certain event driven situations; engaging, within prescribed limits, in short sales of
equity securities; varying its common stock exposure by hedging, primarily with the purchase or short sale of
Standard & Poor's 500
Index futures contracts; and investing all or any portion of its assets in U.S. Treasury securities.
A sophisticated computerized trading strategy whereby a portfolio manager attempts to earn a profit from the price spreads between a portfolio of
equities similar or identical to those underlying a designated stock
index, e.g., the Standard & Poor 500 Index, and the price at which futures contracts (or their options) on the index trade in financial futures mar
index, e.g., the
Standard & Poor 500
Index, and the price at which futures contracts (or their options) on the index trade in financial futures mar
Index, and the price at which
futures contracts (or their options) on the
index trade in financial futures mar
index trade in financial
futures markets.