The fund neutralizes equity exposure through long and short positions in primarily large-cap North American equities. Its selection process is mainly based on risk/reward opportunities, as determined by the adviser's proprietary criteria. The adviser utilizes the same fundamental analysis for long and short positions. The fund typically maintains a gross 100% long position and up to a gross 100% short position through investments in equities, index ETFs, futures, swaps, or other derivatives. In all, the net long equity exposure will range from 50% to 100%. The fund uses leverage and may borrow cash up to 50% of the NAV. To achieve an aggregate exposure no more than 300% of the NAV, the fund uses cash borrowing, short selling, or other derivatives. The fund may also use derivatives, engage in forward contracts, or hold foreign currency for hedging. It may engage in securities lending, repurchase and reverse repurchase transactions for additional income.