This is another fund that I’ve been concerned about for a while. The main reason is it’s higher than average volatility. While, I do believe that investors will see strong returns over the long term, the level of volatility has remained very high for some time. Considering the management team and the process used, I expect it to deliver returns that are in line with its peer group in up markets. However, it is likely to be hit harder in down markets. Given this, I believe there are a number of other funds that offer a more compelling risk reward profile.