EXECUTIVE SUMMARY •Delco Long/Short is a fundamentally driven, global long/short diversified fund that focuses exclusively on the health care sector. It seeks to take advantage of sector specific characteristics such as: •Large alpha opportunities on both long and short positions, •Hard to analyze technical sector, enabling the generation of edge, •Strong secular growth themes, •Ongoing M&A activity. •Delco Long/Short seeks to identify opportunities to generate absolute risk adjusted returns through all market conditions, with net exposure between +20% and -20% and low leverage (Gross leverage not to exceed 200%). •The portfolio managers employ disciplined portfolio construction on a stock by stock basis with an intense focus on preservation of capital by avoiding most binary risk and by using broad sector hedging baskets •The portfolio management team has over fifty years combined experience in the healthcare sector as corporate executives, money managers and analysts, with a track record of alpha generation in both up and down markets.