An investment vehicle that is domiciled outside the U.S. and
has no limit on the number of non-U.S. investors it can take on. Although
the fund's securities transactions occur on U.S. exchanges and are executed
by a U.S. manager, or general partner, its administration and audits are
conducted offshore -- usually in a tax haven like the Cayman Islands.
Because it is administered outside the U.S., non-U.S. investors and such
U.S. investors as pension funds and other tax-exempt entities aren't subject
to U.S. taxes.
Opportunistic investment strategy
An approach that seeks to produce the greatest possible returns
by making aggressive investments in the most-efficient products at a given
time. Such funds typically hold their investments for five to 30 days,
based on the momentum of the investments' values. They usually experience