The option invests in a focused portfolio with approximately 35 to 45 stock-specific ideas diversified across global stock markets. All the portfolio positions are subject to intensive research and peer group review. If PM Capital cannot find appropriate opportunities, the option will hold cash and may also own interest bearing debt securities including corporate bonds and hybrid securities. If appropriate, the option may be 100% invested in cash. PM Capital can use derivatives and sell stocks short as a risk management tool.