The second private mandate [PMUSA888] was launched on 22 May 2018. The USA Long Equities / Short S&P500 with 5 listed equities in portfolio. The net exposure is either 100% or 40% which L/S consists of 130%/30% or 100%/60% . Its net exposure is auto adjusted according to market trend or investor’s risk appetite. Investment report is now available on website under Private Mandate.