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Avalon Global Opportunity Fund BV's investments are determined by its Asset Managers. Under a private investment management agreement between Avalon and the asset managers, the investment managers have a discretion to determine the fund’s investment strategy and objectives and to delegate the day-to-day management of the fund’s assets.

The investment manager has overall responsibility for investment of the fund’s assets and assisting the administrator in the valuation of the fund’s investment portfolio. The investment manager may engage investment advisors or sub-investment managers to manage the assets of the fund. The management and/or performance fees payable to such investment advisors or sub-investment managers will be approved by Board of Directors of the fund.