AlphaGen Tenro Fund (Class A USD) - July 2008

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