Global macro funds invest in those markets and instruments which they believe provide the best opportunity. At any given time,we may take positions in currencies, debt, equities or commodities. We may elect to take outright directional positions; and, depending on our expertise and the risk-return profile of the markets in which we are trading, we may also elect to take relative value positions, where a long position or set of positions is dynamically paired off against a short position or set of positions.

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