The GMO Resources Long/Short Strategy’s investment objective is high total return. We aim to accomplish this objective by owning attractively valued natural resource equities and shorting their expensive peers. The eligible universe includes commodity producers and companies that service commodity producers in the energy, metals, agriculture, and water sectors. Our opportunity set is global in nature and spans the market capitalization spectrum. The portfolio is diversified across sectors, countries, and regions on both the long and short sides and is intended to be approximately dollar neutral.