The Persimmon Long/Short Fund utilizes three complementary strategies to pursue its investment objective of long-term capital appreciation. The three components are 1) the potential gains from exposure to US listed equity positions, 2) a dynamic exposure to the market’s return (Beta) driven by the tactical management of the portfolio's net exposure, and 3) active tax loss selling which seeks to reduce shareholder's tax liability in connection with the Fund's distributions of realized capital gains.

The advisor believes long/short equity strategies can produce equity-like returns with less volatility than traditional equity investments by combining the three components as outlined above. The Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets in equity instruments including common stock, preferred stock, and depositary receipts (“Equity Instruments”). The fund uses a dynamic hedging strategy overlay to seek to reduce the downside risks associated with the Fund’s exposure to Equity Instruments during adverse market conditions via equity index futures. The fund's net exposure to equities will range from 40% to 100% during normal market conditions.