Risk Management is meant to both protect profits and mitigate losses. Each trade has a unique hard-stop and a trailing-stop. The specific hard stop price for a trade is set so that the trade risks no more than 5% of the AUM of the Fund. The trailing-stop maintains a rate of return over time to protect profits and is typically executed on the market close when liquidity is highest. The Fund rarely has more than two full Positions open at any one time and therefore never risks more than 10% of the portfolio.