Cash
Manager will aggressively raise cash when appropriate

Leverage
Leverage will be employed opportunistically and judiciously.
Marathon Emerging Markets will limit leverage to 1.25x
Growth exposure has ranged from 0 to 125%.

Liquidity
75% of the portfolio can be liquidated within one week.
Position sizes will not exceed 50% of average daily volume

Short Selling
View Cash frequently as an appropriate risk manage tool.
Short will be generally used for hedging purposes
The fund will use indices and ETFs in addition to stock specific shorts

Exposure Limitations
Stocks - 8% of portfolio at market
Country limitations  - 20% at market

Take Profit / Stop loss
Price targets are established for all long positions
Positions are cut when prices move 20% against cost

Derivatives
Options will be selectively used both as hedging strategy and as a leveraging tool
Naked options will never be sold