The fund aims to earn good absolute returns for investors over the long term by investing in undervalued companies from around the world. When markets are high we are happy to be uninvested, or we may sell shares and hold cash or take insurance via short selling by managing market exposures. Indeed, in combination with other asset classes and other international and Australian equity funds, we provide diversification via a very different risk and different return profile and this can come together very well in investors’ portfolios. Few manage currency exposures and may manage close to a benchmark or be fully invested. We therefore offer a very important differentiator in their portfolio.