Portfolio Construction. Subject to Advisor's asset allocation determinations, Sub-Advisor will have responsibility over the portfolio construction of the Funds. As part of the portfolio construction process, Sub-Advisor will analyze the underlying holdings of the selected investments to ensure adherence to the selected asset allocation (provided by Advisor) while minimizing unnecessary overlap. The Sub-Advisor's selections will be communicated to Advisor for execution and trading. To the extent that a selection of an investment by Sub-Advisor may render it necessary or advisable to enter into or amend a participation or similar agreement with such investment or its sponsor, Sub-Advisor shall provide notice of such potential investment to Advisor sufficiently in advance of the anticipated investment date so as to permit any such agreement to be entered into prior to the anticipated investment date. Sub-Advisor will manage the investment of the Fund Assets as outlined herein, subject to and in accordance with the investment objectives, policies and restrictions of the Funds and in conformity with the Funds' currently effective Registration Statement, prospectus and Statement of Additional Information and any directions which Advisor or the Company may give from time to time with respect to the Funds. Upon receipt of the asset allocation policy from Advisor, Sub-Advisor will determine the allocation in the investments of the Fund Assets.
Portfolio Construction. Subject to Advisor's asset allocation determinations, Sub-Advisor will have responsibility over the portfolio construction of the Funds. As part of the portfolio construction process, Sub-Advisor will analyze the underlying holdings of the selected investments to ensure adherence to the selected asset allocation (provided by Advisor) while minimizing unnecessary overlap. The Sub-Advisor's selections will be communicated to Advisor for execution and trading. Sub-Advisor will manage the investment of the Fund Assets as outlined herein, subject to and in accordance with the investment objectives, policies and restrictions of the Funds and in conformity with the Funds' currently effective Registration Statement, prospectus and Statement of Additional Information and any directions which Advisor or the Company may give from time to time with respect to the Funds. Upon receipt of the asset allocation policy from Advisor, Sub-Advisor will determine the allocation in the investments of the Fund Assets.
Portfolio Construction a. Work with Advisor to develop a model portfolio and pacing model consistent with the Fund's investment objectives, as needed.
Portfolio Construction. The Investment Manager intends to construct a portfolio that will generally consist of not more than 20 long positions, primarily within healthcare and related sectors. The Partnership’s portfolio will consist solely of long positions in these sectors. Of these positions, the Investment Manager will seek to concentrate a significant portion of the Partnership’s capital into those core positions where the Investment Manager believes there to be the most significant value gap and the clearest path to proactively closing that gap. In determining the appropriate size of a position, the Investment Manager will consider various factors, including the potential return on investment and risk of loss, the existence and feasibility of a course of action to enhance value, liquidity, and the time horizon to implement its investment thesis. The Investment Manager expects that the time horizon for many of its investments will be tied to the timing of implementation of any value enhancing courses of action or other drivers of value and will likely be longer term in nature, particularly for its core activist positions. The Investment Manager will constantly evaluate the Partnership’s portfolio using upside-downside fundamental analysis combined with an assessment of market conditions. It is anticipated that the Investment Manager’s core activist positions may represent over half of the portfolio and the remainder of the positions will be comprised of potential core, past core and non-active value positions. The Investment Manager will apply its investment approach using primarily long equities and options. The Partnership’s portfolio will consist largely of exchange-traded securities (mostly equities but including equity-linked derivatives such as total return swaps and options), but the Partnership may also invest in a broad range of other financial instruments including, but not limited to, over-the-counter (OTC) equity securities and equity linked derivatives such as total return swaps and options (including index funds), privately placed securities of public issuers (PIPEs), preferred stock, convertible debt, currencies and fixed income securities (including credit default swaps). The Partnership may also invest in or sponsor special purpose acquisition companies (SPACs) that seek to acquire companies in the healthcare or related sectors. The Partnership is expressly permitted subject to the terms of the Partnership Agreement to purchase securities of non-public compa...
