Angelo, Gordon's multi-strategy platform is designed to take advantage of attractive alternative investment opportunities from a range of Angelo, Gordon's disciplines. The construction of our multi-strategy portfolios reflects a bottom-up approach on a situation-by-situation basis; therefore, the weightings in the multi-strategy portfolios may change significantly over time. Because our multi-strategy charter allows movement among our areas of investment expertise, Angelo, Gordon is able to take both an entrepreneurial and opportunistic approach. We focus on those situations where we can maximize gains and avoid those with narrow spreads. The ability to respond quickly to changing market conditions is the core concept behind our multi-strategy approach.