The Fund seeks to meet its objective by employing a “long/short” strategy that is informed by the principles of the “Fourth Turning” generational theory, which points to an emerging era of social, political, and economic upheaval that reset norms and present unique opportunities and risks. The Adviser identifies investment themes expected to dominate during such a transformative period — including heightened macro volatility, regime shifts in policy, demographic transitions, rising populism, and the restructuring of global institutions.

The Adviser believes that the forthcoming market environment (2025-2035)—characterized by protectionism, autocracy, reinflation, industrial policy, financial repression, and re-armament—will differ fundamentally from the previous forty years of globalization, disinflation, and deregulation.

The Fund maintains, under normal market conditions, notional exposure of up to approximately 150% of its net assets to long positions (i.e., investments expected to benefit from Fourth Turning tailwinds, such as real assets, defense, infrastructure, commodities, and companies aligned with reshoring, security, and generational investment themes). Simultaneously, the Fund seeks to maintain short exposure of up to approximately 50% of its net assets (i.e., investments expected to decline or underperform during Fourth Turning conditions, including over-leveraged financials, “old era” technology, long-term fixed-rate debt, and sectors vulnerable to policy or demographic headwinds).

The Fund will emphasize diversification across inflation-linked securities, commodities, real estate, and other real assets, while allocating toward sectors and themes positioned to benefit from structural priorities such as infrastructure, national and personal security, import substitution, and challenging demographic trends.

The investment team leverages a broad range of information sources, including demographic and thematic research at the strategic level as well as the Hedgeye Trend and Tail Signals and the Growth, Inflation, Policy (GIP) Model processes at the tactical level. This approach enables the portfolio management team to align cash allocation, position sizing and holding periods with the appropriate signal strength and duration. Ultimately, the decision-making process is collaborative, disciplined, and designed to align portfolio positioning with the Fund’s investment objectives while maintaining risk oversight.

To pursue its objective, the Fund will:

The Fund may or may not hedge currency exposure on foreign investments.

The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”), which means that it may invest more of its assets in a smaller number of issuers than “diversified” funds.