The fund will try to generate alpha while maintaining a similar market exposure to the equities market. To achieve this, the fund employs a long/short equity strategy, investing 130% of assets long while selling 30% of assets short. Aiming to achieve 160% gross equity exposure. PFAE invests mainly on Canadian equities but may allot 49% of its net exposure in international securities. The portfolio advisors opaque investment process determines the long/short portfolio and expects that the fund will have a net 100% long exposure with a market beta of roughly 1.0. The fund may also invest in fixed income securities, options, futures, swaps, securities of investment funds, and cash equivalents. As an actively managed fund, PFAE can have increased trading costs. The possibility of taxable distributions is also imminent if you hold the fund in a non-registered account.