AcenciA Debt Strategies is a listed closed-ended investment vehicle and is traded on the London Stock Exchange. Its investment objective is to produce annual returns in excess of 3-month Sterling LIBOR plus 5 per cent over a rolling 3-year period, with annual standard deviation of under 5 per cent. The Company's investment policy is to invest in and actively manage a portfolio of predominantly debt orientated hedge funds. The Company does not use leverage other that for short-term working capital needs. In addition, the portfolio has minimal gearing at the underlying fund level. The Company's foreign exchange exposures are hedged back to sterling.