Investment Strategies

Investment Objectives

• Net return of 5-8% per year above cash
• Volatility of 3-5% per year
• Limited correlation with equity market, industry or style index returns

Strategy Style

• Emphasis on small- and micro-cap names
• Over 50% of gross exposure outside the U.S.
• Limited net exposure to sectors and industries
• Average holding period of 6-9 months

Investment Objective

• Exceed US small cap benchmark by 4-5% per year
• Tracking error of 4%
• Current benchmark is S&P 600 but strategy easily tailored to use Russell 2000 or other small cap indices

Strategy Style

• Diversified portfolio of around 200 positions
• Active bets on sector and industries controlled to approximately 3%
• Maximum individual position size approximately 5%
• One year average holding period

Investment Objectives

• Exceed S&P 500 Total Return Index by 3-4% per year
• Active risk of 3-4% per year
• Current benchmark is S&P 500 but strategy easily tailored to use Russell 2000 or other small cap indices

Strategy Style

• Target exposures of 130% long and 30% short
• Beta of approximately one with the S&P 500 Index
• Diversified portfolio – approximately 300 long and 100 short positions
• Limited active bets on size, sector and industries

Investment Objectives

• Exceed MSCI EAFE Small Cap index by 4-5% per  year
• Volatility of approximately 5% per year
• Capacity limited to $1B

Strategy Style

• Diversified portfolio with approximately 300 holdings
• Typical active industry/country exposures ~ 1-2%
• 9 month average holding period