Investment Process

ANALYZE

The Fund's investment process includes a combination of:

Top-Down: Assessment of the global investment climate and determination of the allocation to each asset class.

Bottom-Up: Due diligence on the universe of managers and selection of funds that are attractive investments within that asset class.

Quantitative: Consideration and analysis of factors such as manager experience, trading turnover, expense ratio, performance and risk statistics and potential tax implications.

Technical: Once the other evaluation methods have been completed, charting analysis is conducted to determine the best entry and exit points for a security. We also use technical analysis to assess general market conditions and trends and how they may impact our strategic and tactical allocations.

ALLOCATE

We believe there is a bull in every market, and our job is to find it. The Fund's asset allocation is the result of this work.

MONITOR

We follow with a disciplined, ongoing monitoring process. We regularly review the underlying fund investments and analyze market conditions. Our process aims to strike the best balance of current and future opportunity and risk, consistent with the Fund's objective of preservation and growth of capital. We are patient investors, but are willing to act quickly and with high conviction when conditions warrant.