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O

Offering memorandum (O.M.)

A legal document that states the risk and return objectives, terms and investment parameters of a specific fund.

Offshore fund

A fund that is managed and domiciled in a foreign country.

Opportunistic

Opportunistic hedge fund strategies include such directional and highly flexible styles as Global Macro, Equity Long/Short, Equity Non-Hedge, Emerging Markets and Short Selling. These styles typically generate higher levels of return and volatility than less directional styles.

Options

A right sold by one person to another that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security at an agreed-upon price during a certain period of time or on a specific date.