Marathon's Global Equity strategy maintains a diversified portfolio of convertible bonds and employs hedges to accomplish high profitability from trades irrespective of the direction of the stock or bond market. The portfolio includes but is not limited to:

• CONVERTIBLE BOND ARBITRAGE: To capture the price anomaly between a convertible security and the underlying equity and to leverage cash flow.
• EQUITY DERIVATIVES: To systematically seek out and exploit the mispricings of equity derivatives.
• LONG/SHORT EQUITY: Detailed fundamental analysis organized by sector to buy undervalued stocks and sell stocks that are overpriced.
• RISK ARBITRAGE: Arbitrage securities of public companies that are subject to public announced mergers and acquisitions, cash tender offers, exchange offers and corporate recapitalizations, and the related trading of securities and options, in anticipation of profiting from the differences or "spreads" between the prevailing market prices and the prices or the value of the securities or cash to be received upon consummation of the transactions.
• EVENT DRIVEN: To capitalize on the timing of opportunities from event-driven activities that include merger arbitrage, corporate reorganization, spin-offs and distressed securities.
• SPECIAL SITUATIONS: Investments where the value has been or will be created by a special event or circumstance including securities or indebtedness of a company that is undergoing, expected to undergo, or has recently undergone, transactions or events which lead to market dislocations that are likely to result in a significant and favorable impact either on the business prospects of the company, or on the value of the securities or other financial instruments issued by or related to the company.
• PRIVATE PLACEMENTS, PIPES, AND 144A SECURITIES: Investments in private placements, PIPES and 144A securities to buy shares of the company at a very low price while it is still a privately held company. In the absence of positive cash flow, managements often seek financing in the form of private placements or PIPES in order to bridge the company to value creating milestones.