1. Numerous recent articles in the financial
press report yet another alternative fund
suspension due to liquidity constraints
arisingfromincreasedredemptionorders.
The Hilltop fund selection process, will not consider any
fund that does not have acceptable liquidity in its underlying
assets. It is our view that funds investing in illiquid asset
classes, especially those that are ‘marked to model’, carry
unacceptable inherent risk for investors. All is well as long
as subscriptions are greater than redemptions. When this
reverses even in the short term (as is inevitable from time to
time with any fund), it almost always has fatal consequences
for those that lack sufficient liquidity.
The Hilltop Decorrelated Fund, launched in October 2012,
is specifically targeted at those investors who are seeking
alternative investments delivering consistent returns, with
very low volatility.
The Hilltop Decorrelated Fund delivers this, without the
accompanying liquidity or pricing risk that is inherent in so
many other strategies.
In order to seek decent returns, while adequately protecting
investors from liquidity risk, the Hilltop Decorrelated Fund:
• invests predominantly in strategies trading traditional
asset classes, on international exchanges with high levels
of liquidity (equities, bonds, FX, commodities);
• only invests in funds that demonstrate matched liquidity
– which means they must be able to liquidate their entire
book within their dealing period if necessary;
• must invest a minimum of 75% of its assets in funds with
monthly liquidity or better. The remainder can be invested
in funds with quarterly dealing or better;
• cannot gate or suspend trading in response to increased
redemption levels.*
© 2013 Hilltop Fund Management LLP | Regulated and authorised by the Financial Conduct Authority | +44 (0)20 7788 7799 | www.hilltop.co.uk
The Hilltop Decorrelated Fund
The importance of liquidity
The Hilltop Decorelated Fund invests 75% of assets in monthly traded funds or better
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Quarterly
Quarterly
Quarterly
Monthly
Monthly
Monthly Monthly
Monthly
August 2013
Contact
Aron Sharman
International Sales Director
The Synergy Partnership
+60 12 667 0133
aronsharman@thesynergypartnership.com
Andy Doyle
Director
The Synergy Partnership
+60 12 296 1953
andy.doyle@thesynergypartnership.com
Cressida St Aubyn
Investor Relations
Hilltop Fund Management
+44 (0)20 7788 7799
cressida.staubyn@hilltop.co.uk
Volatility arbitrage
Trade finance
Volatility arbitrage
Activist micro-cap equity
Relative value commodity
Equity long/short non-directional
Fixed income arbitrage
Long/short convertibles
Long/short mortgages
Fixed income arbitrage
Commodity spread arbitrage
Long/short commodity
Long/short commodity equities
Activist credit
Macro volatility
Portfolio snapshotPortfolio liquidity

2. © 2012 Hilltop Fund Management LLP | Regulated and authorised by the Financial Services Authority | +44 (0)20 7788 7799 | www.hilltop.co.uk 2
This document does not constitute or form part of, and may
not be used for the purpose of, an offer or solicitation to
anyone in any jurisdiction in which such offer or solicitation
is not authorised or to any person to whom it is unlawful
to make such offer or solicitation. Shares in the Hilltop
Decorrelated Fund (the “Fund”) will not be offered to the
general public. This document may not be distributed in
any jurisdiction where it is unlawful to do so. A subscription
for shares in the Fund may only be made in reliance on the
private placement memorandum and relevant supplement
of Hilltop Funds PCC Limited by persons who are eligible
to subscribe as set out in such documents.
While the information in this document has been prepared
in good faith, no representation or warranty, express
or implied, is or will be made and no responsibility or
liability is or will be accepted by the Fund or Hilltop Fund
Management LLP (“Hilltop”) or by any of their respective
members, officers, employees or agents in relation to the
accuracy or completeness of the information contained in
this document and any such liability is expressly disclaimed.
In particular, but without prejudice to the generality of the
foregoing, no representation or warranty is given as to the
achievement or reasonableness of any future projections,
management estimates, prospects or returns contained in
this document. Actual results may vary from estimates.
Hilltop is not acting for any recipient of this document.
Hilltop is not responsible to such a recipient for providing
protections afforded to clients of Hilltop and Hilltop is not
advising such a recipient in respect of investing in Hilltop
Funds PCC Limited. Past performance is not a guide to
future performance.
Disclaimer
* The exception, if an underlying fund were to gate the Hilltop Decorrelated Fund.