The fund's portfolio is constructed with an emphasis on diversification, liquidity, and the ability to hedge positions established. The fund's primarily trades US stocks both from the long and from the short side. Positions are not per se actively traded but rather adjusted to the desired size within the portfolio. 
 
Number of Positions
The portfolio carries a minimum of 50 and as many as 200  positions, all of which are highly liquid. The position limit includes the combined number of long and short positions. Positions are selected pursuant to the PROVIN 's investment strategy in a top-down approach. The diversification contributes to our risk management efforts. The ability to hedge positions individually plays a role in their selection.
 
Position Size
Each position carries a maximum weighting of  3 percent in the portfolio, no position in the portfolio accounts for less than 1 per cent. The position size is only decreased if the limitation imposed is exceeded due to unfavorably market action, however, as positions are usually hedged such a situation is rare. 
 
Leverage
 The portfolio employs leverage which does not exceed
200 percent of all positions combined (Short and long positions are not offset).

Number of Sectors
 The portfolio holds between 15 and 25 sectors (long and short combined). Sectors are screened for the intermediate- to long term upside and downside potential pursuant to the fund's top down approach. The ability to hedge market movements in a sector is a contributing factors in its selection.
 
Size of Sectors
The maximum exposure to one sector in the portfolio is limited to 7 per cent. The position size is only decreased if the limitation imposed on a sector is exceeded due to unfavorably market action, however, as positions are usually hedged  such a situation is rare. 
 
Long/Short Exposure
The long and short exposure in the portfolio is discretionary and may vary dramatically from quarter to quarter or due substantial moves in individual stocks or the overall market. The maximum long or short exposure is 200 percent of the fund's assets.