For more information contact: emailus@marcusevans.com A presentation by Antje Biber, the Managing Partner at Feri Trust GmbH who presented on selection requirements for hedge funds at the Investment Consultant Summit, September 2012. Join the 2014 Investments Summit along with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market. For more information contact: emailus@marcusevans.com

1. FERI TRUST GMBH
IN THE JUNGLE OF
ALTERNATIVES
SELECTION REQUIREMENTS FOR
HEDGE FUNDS
Antje Biber
Managing Partner, Feri Trust GmbH
Investment Consultant Summit
September 4th 2012

2. HEDGE FUNDS - A HIGHLY COMPLEX ASSET CLASS
Source: google pictures
© FERI 2

3. Hedge Funds
....some simple facts
© FERI 3

4. LET‘S LOOK AT SOME NUMBERS
Dow Jones Credit Suisse Multi-Strategy Hedge
MSCI World
Fund Index
return Return p.a. Volatility p.a. return Return p.a. Volatility p.a.
YTD 4.58% 9.36% 4.32% YTD 2012 6.29% 12.98% 16.35%
2y 15.83% 7.62% 5.39% 2y 25.40% 11.98% 18.26%
3y 29.17% 8.91% 4.65% 3y 38.91% 11.58% 17.58%
5y 13.00% 2.40% 8.70% 5y -11.43% -2.40% 20.89%
10 y 93.44% 6.82% 5.81% 10 y 74.69% 5.74% 17.20%
Source: Credit Suisse und PerTrac, : 2002- June 2012
© FERI 4

5. THE HEDGE FUND UNIVERSES (OFFSHORE & UCITS) STILL GROWS
Number of funds: UCITS HF
500
450
400
350
Anzahl
300
250
200
150
100
50
0
UCITS Long/Short Fonds
Number of funds / Assets under management
Offshore Hedge Funds
© FERI 5 Source : Feri, Eurekahedge, BofAML

6. HAVE HEDGE FUNDS LEARNED AFTER 2008?
What did hedge fund manager change after the crisis
Einräumung häufigerer
higher Liquidity
Liquidationsmöglichkeiten
36%
lower Management Fees
Senkung der
31%
Managementgebühren
shorter Lock-up periods Fristen
Senkung der Lock-Up 27%
reduction of performance fee
Reduzierung der Performance
16%
Fee
managed accounts Managed
Angebot gesonderter
13%
Accounts
shorter Kürzung der Kündigungsfristen
redemption period 9%
changes of gating rulesder
Veränderung
Maximalkündigung (Gates)
7%
lengthening of lock-upsLock-Up
Verlängerung der
7%
Fristen
Source: Ernst&Young ‚Restoring the balance‘ 2010 global hedge fund survey.
© FERI 6

7. Hedge Funds
....a single and homogeneous asset class?
....NOT !
....a diversifing instrument ?
....absolutely !
© FERI 7

8. HEDGE FUND STRATEGY RETURNS ARE NOT CONSISTENT
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD
Managed Equity Convertible Distressed Managed Distressed Distressed Equity Short Special Managed Convertible Special Distressed
Convertible Global Macro Global Macro Global Macro Global Macro
Futures Long/Short Arbitrage Securities Futures Securities Securities Bias Situations Futures Arbitrage Situations Securities
Arb. 25.6% 37.1% 17.4% 5.98%
20.6% 47.2% 25.6% 20.0% 18.3% 25.1% 15.6% 17.0% 16.4% 18.3% 47.4% 14.4% 4.71%
Relative Value
Distressed Equity Equity Special Equity Short Equity Short Special Distressed Distressed Special Equity Short Fixed Income Equity Fixed Income
Fixed Income Global Macro Global Macro Global Macro
Securities Long/Short Long/Short Situations Bias Bias Situations Securities Securities Situations Bias Arbitrage Arbitrage Arbitrage
Arb. 18.4% 18.0% 13.5%
25.5% 21.5% 17.2% 23.0% 15.8% 18.1% 14.0% 11.7% 15.6% 16.8% 14.9% 27.4% 5.00% 3.90%
Special Distressed Equity Distressed Equity Convertible Equity Equity Equity Equity Equity Merger Distressed Fixed Income Fixed Income Convertible
Global Macro
Equity Arb. Situations Securities Arbitrage Securities Arbitrage Arbitrage Long/Short Long/Short Long/Short Long/Short Long/Short Arbitrage Securities Arbitrage Arbitrage Arbitrage
14.7%
22.7% 20.7% 13.3% 22.2% 15.0% 14.6% 17.3% 11.6% 9.7% 14.4% 13.7% -3.3% 21.0% 12.5% 4.30% 3.74%
Convertible Special Merger Convertible Merger Equity Equity Special Convertible Equity Special Managed Special
Global Macro Global Macro Global Macro Equity Short
Risk Arb. Arbitrage Situations Arbitrage Arbitrage Arbitrage Arbitrage Arbitrage Situations Arbitrage Arbitrage Situations Futures Situations
8.5% 9.3% -4.6% Bias 2.17%
17.9% 20.5% 5.6% 16.0% 14.7% 9.3% 7.4% 17.2% 14.3% 9.3% 19.9% 12.2% 3.12%
Event Driven
Annual Return (% p.a.)
Equity Equity Distressed Equity Special Fixed Income Fixed Income Managed Fixed Income Special Merger Special Equity Convertible Merger
Distressed Global Macro Managed
Long/Short Arbitrage Securities Arbitrage Situations Arbitrage Arbitrage Futures Arbitrage Situations Arbitrage Situations Long/Short Arbitrage Arbitrage
Sec. 13.5% Futures 2.15%
17.1% 14.8% -1.7% 15.3% 11.8% 8.0% 5.8% 14.1% 6.7% 7.2% 8.8% -16.3% 19.5% 11.0% 1.19%
Equity Convertible Merger Special Convertible Convertible Equity Equity Equity Distressed Equity Merger Distressed Convertible Equity
Special Global Macro Global Macro
Arbitrage Arbitrage Arbitrage Situations Arbitrage Arbitrage Arbitrage Arbitrage Arbitrage Securities Long/Short Arbitrage Securities Arbitrage Long/Short
Situations -3.6% 11.7%
16.6% 14.5% 13.2% 6.8% 4.0% 12.9% 6.5% 6.1% 11.2% 8.4% -19.8% 12.0% 10.3% 0.49% 1.86%
Fixed Income Merger Convertible Fixed Income Fixed Income Merger Special Merger Managed Merger Fixed Income Managed Distressed Equity Distressed
Equity Global Macro Global Macro
Equity Hedge
Arbitrage Arbitrage Arbitrage Arbitrage Arbitrage Arbitrage Situations Arbitrage Futures Arbitrage Arbitrage Futures Securities Long/Short Securities
Long/Short 11.6% 1.52%
15.9% 9.8% -4.4% 12.1% 6.3% 5.7% 1.2% 9.0% 6.0% 3.1% 8.7% 6.0% -20.5% 9.28% -4.19%
Merger Fixed Income Equity Short Managed Managed Distressed Fixed Income Merger Fixed Income Merger Equity Short Fixed Income Equity Merger Managed Merger
Equity Short Global Macro
Arbitrage Arbitrage Bias Futures Futures Securities Arbitrage Arbitrage Arbitrage Arbitrage Bias Arbitrage Arbitrage Arbitrage Futures Arbitrage
Bias 5.8%
13.8% 9.3% -6.0% 4.2% 1.9% -0.7% 8.0% 5.5% 0.6% 8.2% 6.0% -28.8% 4.1% 3.20% -4.94% 0.05%
Managed Managed Fixed Income Managed Equity Equity Short Equity Equity Convertible Managed Managed Convertible Convertible Managed Equity Equity Equity
Tactical Trading
Global Macro Futures Futures Arbitrage Futures Long/Short Bias Long/Short Arbitrage Arbitrage Futures Futures Arbitrage Arbitrage Futures Arbitrage Long/Short Arbitrage
12.0% 3.1% -8.2% -4.7% 2.1% -3.6% -1.6% 7.1% 2.0% -0.1% 8.0% 5.2% -31.6% -6.6% -0.9% -6.48% -2.28%
Equity Short Equity Short Special Equity Short Distressed Equity Merger Equity Short Equity Short Convertible Equity Short Fixed Income Equity Equity Short Equity Short Special Equity Short
Managed
Bias Bias Situations Bias Securities Long/Short Arbitrage Bias Bias Arbitrage Bias Arbitrage Arbitrage Bias Bias Situations Bias
Futures
-5.5% 0.4% -9.0% -14.2% 1.9% -3.7% -3.5% -32.6% -7.7% -2.6% -6.6% 3.8% -40.3% -25.0% -22.5% -10.85% -7.62%
Source: Credit Suisse; Data including May 2012
Source: Credit Suisse 2012
© FERI 8

9. OVERVIEW OF HEDGE FUND STRATEGIES
Global Macro
Tactical Trading Managed Futures
Other Systematic Trading
Convertible Bond Arbitrage Diversifying
Strategies
Fixed Income Arbitrage
Relative Value Equity Arbitage
Capital Structure Arbitrage
Mixed Relative Value
Merger Arbitrage
Special Situations
Event Driven Distressed Securities
Mixed Event Driven Directional
Strategies
Equity Hedge Long Bias
Equity Hedge No Bias
Equity Hedge Equity Hedge Short Bias
Mixed Equity Hedge
© FERI 9

10. MANAGED FUTURES & GLOBAL MACRO: OVERVIEW
Managed Futures
- Systematic Trading modells based on technical signals
- Diverse substrategies
o Trendfollowing / Momentum
o Countertrend / Mean-reverting
o Systematic Macro
- Mainly directional positions diversified over multiple markets ( also commodities)
Global Macro
− Discretionary trading decisions based on macro economic views
− Identification of makroeconomic trends
− Diversification of managers through investment focus
− Global and regional specialists
− „relative Value“ as well as directional positions
© FERI 10

11. MANAGED FUTURES & GLOBAL MACRO: CHARATERISTICS
Characteristics Managed Futures Global Macro
Liquid + +
Longterm uncorrelated + +/-
Low leverage + +
Diversified + +/-
Trading decisions systematic discretionary
Basis technical fundamental
© FERI 11

12. MANAGED FUTURES & GLOBAL MACRO: OVERVIEW
DJ CS Managed Futures Index
370
DJ CS Global Macro Index
MSCI World
320
270
220
170
120
70
Dec 97
Dez 97 Dec 98
Dez 98 Dec 99
Dez 99 Dec 00
Dez 00 Dec 01 Dec 02
Dez 02 Dec 03
Dez 03 Dec 04
Dez 04 Dec 05
Dez 05 Dec 06 Dec 07
Dez 07 Dec 08
Dez 08 Dec 09
Dez 09 Dec 10
Dez10 Dec 11
Dez 11
Dez 01 Dez 06
Quelle: Feri
© FERI 12

13. MANAGED FUTURES & GLOBAL MACRO: CORRELATION
Managed Futures have a negative correlation especially in times of equity market crises!
1 170
12M Korrelation CS
12m correlation:
0.8 CS Managed Future Index
Managed Futures Index
(lhs)
150
0.6 Korrelation: Langfristiger
Correlation:
Durchschnitt (lhs)
longterm average
0.4
130
0.2
0 110
-0.2
90
-0.4
-0.6
70
-0.8
-1 50
Dez 98
Dec 98 Jun 00
Jun 00 Dez 01
Dec 01 Jun 03
Jun 03 Dez 04
Dec 04 Jun 06
Jun 06 Dez 07
Dec 07 Jun 09
Jun 09 Dez 10
Dec 10
Quelle: Feri
© FERI 13

14. MANAGED FUTURES & GLOBAL MACRO: RETURN IN TIMES
OF CRISES
Return in difficult equity markets (1994 - today)
20%
15%
10%
5%
0%
-5%
-10%
-15%
MSCI World
-20% DJ CS Managed Futures Index
DJ CS Global Macro Index
-25%
Q4 2008 Q3 2002 Q3 2011 Q3 2008 Q3 2001 Q2 2010 Q1 2001 Q1 2009 Q3 1998 Q2 2002 Q1 2008
Source: Feri
© FERI 14

15. MANAGED FUTURES & GLOBAL MACRO: DIVERSIFICATION
NEEDED
Volatile strategies need diversification
3 month returns on the basis of 420 funds
Results based on randomly generated Portfolios (320.000 Data)
1 fund 10 funds Statistical characteristica (Median):
600 600
10 Funds
2 Funds
5 Funds
1 Fund
500 500
400 400
300 300
Return p.a. 9,6% 10,3% 10,8% 10,9%
200 200
Volatility 20,0% 16,3% 13,3% 12,0%
100 100
0 0 Sharpe (2%) 0,38 0,51 0,66 0,74
Apr. 01
Apr. 03
Apr. 05
Apr. 07
Apr. 09
Apr. 01
Apr. 03
Apr. 05
Apr. 07
Apr. 09
Dez. 99
Dez. 01
Dez. 03
Dez. 05
Dez. 07
Dez. 09
Dez. 99
Dez. 01
Dez. 03
Dez. 05
Dez. 07
Dez. 09
Aug. 00
Aug. 02
Aug. 04
Aug. 06
Aug. 08
Aug. 10
Aug. 00
Aug. 02
Aug. 04
Aug. 06
Aug. 08
Aug. 10
1 fund 10 funds Probability of 3-month-drawdowns (DD):
35,0% 35,0%
10 Fonds
1 Fonds
2 Fonds
5 Fonds
30,0% 30,0%
25,0% 25,0%
20,0% 20,0%
15,0% 15,0%
DD >-5% 17,9% 14,2% 9,8% 7,6%
10,0% 10,0%
5,0% 5,0%
DD >-10% 6,9% 3,8% 1,3% 0,6%
0,0% 0,0%
-30,0% -20,0% -10,0% 0,0% 10,0% 20,0% 30,0% -30,0% -20,0% -10,0% 0,0% 10,0% 20,0% 30,0%
© FERI 15

16. OVERVIEW OF HEDGE FUND STRATEGIES
Global Macro
Tactical Trading Managed Futures
Other Systematic Trading
Convertible Bond Arbitrage Diversifying
Strategies
Fixed Income Arbitrage
Relative Value Equity Arbitage
Capital Structure Arbitrage
Mixed Relative Value
Merger Arbitrage
Special Situations
Event Driven Distressed Securities
Mixed Event Driven Directional
Strategies
Equity Hedge Long Bias
Equity Hedge No Bias
Equity Hedge Equity Hedge Short Bias
Mixed Equity Hedge
© FERI 16

17. PERFORMANCEANALYSIS: EQUITY HEDGE VS. EQUITY LONG
ONLY
Equity Hedge Index * MSCI World
Return Return p.a. Volatility p.a. Return Return p.a. Volatility p.a.
1- y -4.49% -4.49% 7.47% 1- y -13.54% -13.54% 20.01%
2- y 4.14% 2.05% 6.78% 2- y 8.47% 4.15% 18.57%
3- y 9.91% 3.20% 6.33% 3- y 11.92% 3.83% 17.88%
5- y 11.18% 2.14% 8.70% 5- y -33.02% -7.70% 20.90%
10- y 86.99% 6.46% 7.27% 10- y 11.87% 1.13% 17.22%
Source: * ARIX Equity Hedge Index, Feri und Hedgefund.net, 01. 2002- 05. 2012
© FERI 17

18. DRAWDOWNANALYSIS: EQUITY HEDGE VS. EQUITY LONG
ONLY
Equity Hedge Index * MSCI World
Drawdown Duration Recovery Drawdown Duration Recovery
DD 1 -20.05% 13 25 DD 1 -55.51% 16 n.a.
DD 2 -8.07% 5 n.a DD 2 -26.47% 6 15
DD 3 -3.96% 1 3 DD 3 -4.51% 2 3
Source: Feri und Hedgefund.net, 01.2002- 05.2012
*: ARIX Equity Hedge Index
© FERI 18

19. 10% OF EQUITY HEDGE IN A TRADITIONAL PORTFOLIO
Volatilitätsvergleich
Return comparison
Renditenvergleich Volatility comparison
10% 9%
8% 8%
7%
6%
6%
4%
5%
2%
4%
0%
3%
-2% 2%
-4% 1%
0%
-6%
-8%
Equity Hedge Index
80%Bonds, 10% Equities, 10% ARIX Equity Hedge
80%Bonds, 20% Equities
Equity Hedge Index
80%Bonds, 10% Equities, 10% ARIX Equity Hedge
80%Bonds, 20% Equities
10 % of Equity Hedge allocation leads to higher returns and lower volatility !
Source: Feri und Hedgefund.net HF Index: ARIX Equity Hedge , „Bonds“ Barclays Aggregate Bond Index „Equities“ MSCI World
© FERI 19

20. Hedge Funds
....good or bad ?
... THE JUNGLE ?
... And how can we shed light on them ?
© FERI 20

21. CRITICAL ASPECTS OF HEDGE FUND SELECTION
1. Returns persistance, analysis...
2. Illquidity redemption restrictions...
3. Benchmarking survivorship bias...
4. Regulation operational risk...
5. Transparency managers...
© FERI 21

22. SPOT LIGHT INTO THE QUANT JUNGLE: FACTOR ANALYSIS
Current factors used (240):
35 Commodities factors
6 Credit factors
7 Currency factors
31 Emerging Markets factors
56 Equity factors
32 Fixed Income factors
31 HF Indices
9 Mortgage factors
14 Non-linear payoffs
9 Real Estate factors
10 Volatility factors
Autocorrelation and non linear performance
components considered
© FERI 22

23. HEDGE FUND MANAGERS: ....THEN A MIRACLE OCCURS
Source: google pictures
© FERI 23

24. HEDGE FUND RISK ANALYSIS – AN OVERVIEW
1. Administrative risks: audit and controlling requirements
(registration, official audit, independent pricing etc.)
Qualitative Evaluation
2. Personal risks: background checks for all fund managers
(education, former employers, clients etc.)
3. Operational risks: financial control, back office, trade execution,
liquidity terms and lock-up periods
4. Management risks: detailed and appropriate risk management systems
(personally checked !)
Analysis
Quant.
5. Portfolio risks: liquidity, leverage, market risk exposures, etc.
© FERI 24

25. QUALITATIVE EVALTUATION CRITERIA
Hedge Fund Evaluation System
Risk Strategy Inst. Aspects Management Economics
• Risk Management • Concept • Organizational • Ability/Profile • Fund cash flows
Approach structure
• Consistency • Resources • Costs
• Systems • Customer
• Capacity • Motivation
Relations
• Independent Risk
Manager • Operations
• Market exposure
The analysis and the evaluation prosess must be consistent, transparent, independent from the analyst !
Content of RatingBase System:
For each fund 50 basic information criteria and 400 valuation criteria
60 valuation criteria are rating criteria
All of these rating criteria are grouped into 5 rating segments
These rating segments are weighted as shown and finally consolidated into the fund rating
© FERI 25

26. QUALITATIVE ANALYSIS:
ASSESSMENT FRAMEWORK
Risk Strategy
Risk – Risk Management Approach Strategy – Concept
- How does the manager try to avoid getting into difficult - Competitive advantage?
situations? - Structured investment process?
- Match of advantage / uniqueness with investment
Risk – Risk Management Systems process?
- Will adverse moves be picked up quickly enough?
Strategy – Consistency
Risk – Independent Risk Manager - Has the manager left the area of his “edge”?
- Is there a RM who will be able to stop out (or contain in - To which extent was the strategy changed?
any other way) the losing position? - Is the change likely to have a positive or negative
- Uniqueness impact on the future performance of the fund?
Risk – Market Exposure Strategy – Capacity
- What is the maximum loss likely to be suffered in normal - Approximate true capacity of the fund/strategy?
/ extreme market based on market exposure / position - Is the manager’s capacity estimation realistic?
concentration / leverage / illiquidity of the book? - Is the manager operating above his capacity?
Strategy – Trading
- Match of trade execution process with strategy?
© FERI 26

27. QUALITATIVE ANALYSIS:
ASSESSMENT FRAMEWORK
Inst. Aspects Management Economics
Inst. Aspects – Management – Ability / Profile Economics – Fund Cash Flow
Organizational Structure - Stability of team - Are there any dangers of the fund
- Quality and independence of the - Relevance of work experience/education being squeezed out by redemptions?
business partners: administrator, - Length of experience in industry
prime broker, and auditor of the fund Economics – Costs
Management – Resources - Is the cost structure excessive with
Inst. Aspects – Customer - How many investment professionals / other respect to management motivation
Relations Management staff? and strategy?
- Is the report sufficient to monitor the - Is the staff concentrated on the fund or also
fund? doing other things?
- Is the staffing sufficient to support the
scope of the strategy?
Inst. Aspects – Operations
- Is a proper financial control
guaranteed by the fund’s structure Management – Motivation
and its back office operations? - Is the staff (incl. analysts) directly linked to
the success of the fund?
- Is the manager hurt if he makes a big loss?
- How is the manager’s other wealth
distributed / is he focused on the fund?
© FERI 27

28. QUALITATIVE ANALYSIS: DATABASE & CUSTOMIZED QUESTIONNAIRES
All information (up to
400 data per fund) is
entered into a
database in a
comprehensive
manner
60 valuation criteria
are rating criteria
leads to a final
internal rating
© FERI 28

29. EXTENSIVE DOCUMENTATION OF EVERY PROCESS STEP
Contact Records Meeting Notes Investment Proposals
⇒Transparency and objectivity of evaluation is needed
For every fund & every fund manager
© FERI 29

30. PORTFOLIO RISKS REPORTING FOR A MULTI STRATEGY HF
PORTFOLIO
Risk reports show parameters of Systematic risk (Beta, style and factor exposures)
strategy specific risks in the portfolio are monitored for each portfolio on a monthly basis
Factor
exposure VaR VaR max
VaR breakdown per strategy: Type A Model 1.86% 2.56%
Portfolio VaR (95%): 4.16% MSCI World 0.258
Style Weight VaR VaR weight Lehman Aggregate Bond Index 0.167
Goldman Sachs Commodity US $ DRI Index 0.052
ED 14% 153'459 0.60%
VaR weight
EH 51% 483'388 1.89% Type B Model 1.85% 2.25%
RV 18% 105'628 0.41% CSFB/Tremont Convertible Arbitrage Index -0.229
ED
TT 17% 322'428 1.26% 14% CSFB/Tremont Distressed Index 0.129
TT CSFB/Tremont Equity Market Neutral Index 0.149
30% CSFB/Tremont Event Driven Index 0.302
Sum 100% 1'064'903 4.16% CSFB/Tremont Fixed Income Arbitrage Index -0.002
CSFB/Tremont Global Macro Index 0.044
CSFB/Tremont Long/Short Equity Index 0.091
CSFB/Tremont Managed Futures Index 0.027
Factor exposure RV CSFB/Tremont Risk Arbitrage Index 0.256
EH
10%
46%
factor exposure
MSCI World 0.26 Factor
exposure VaR VaR max
Lehman Aggregate Bond Index 0.17 Strategy weight Unrestricted Model 2.33% 3.61%
Goldman Sachs Commodity US $ DRI Index 0.05 10 year Bund yield* -0.821
10 year Japan yield* 0.598
10 year Treasury yield* 0.179
Style exposure TT ED 10-Year Treasury Benchmark 0.098
14% 3 months T-Bill yield* -0.012
17% Amex Oil Index 0.034
HF Index exposure DAX 30 0.013
DJ Stoxx 600 0.010
CSFB/Tremont Convertible Arbitrage Index -0.23 eur_tr 0.005
RV
CSFB/Tremont Distressed Index 0.13 Fama/French SMB 0.017
18% Federal Reserve Trade weighted value of US Dollar 0.075
CSFB/Tremont Equity Market Neutral Index 0.15 FTSE All Shares -0.012
CSFB/Tremont Event Driven Index 0.30 EH FTSE Small Caps 0.037
High Yield factor 0.023
CSFB/Tremont Fixed Income Arbitrage Index 0.00 51% Investment grade spread* 0.100
CSFB/Tremont Global Macro Index 0.04 Lehman High Yield Credit Bond Index 0.023
MSCI Europe Small Caps 0.012
CSFB/Tremont Long/Short Equity Index 0.09 MSCI World 0.020
CSFB/Tremont Managed Futures Index 0.03 MSCI World Metals & Mining USD 0.018
Realized S&P 500 volatility change -0.057
CSFB/Tremont Risk Arbitrage Index 0.26 S&P 500 0.074
S&P/TSX OIL & GAS INDEX 0.002
© FERI 30

31. RÉSUMÉ:
Hedge Funds....
...is the name of a group of various strategies with vastly different characteristics
...all strategies should be analyzed and allocated individually
...quantitative and qualitative analysis of Hedge Funds require an adaption of
• research processes
• evaluation parameters
• risk monitoring
...can deliver diversification and alpha for institutional portfolios ...
But remember: “There is no such thing as a free lunch!”
© FERI 31

32. DISCLAIMER
Any questions...?
Thank you for your attention
Feri Trust GmbH
Haus am Park
Rathausplatz 8-10
61348 Bad Homburg
This presentation is for informational purposes only. An investor should consult and review the appropriate offering memorandum before making any investment decisions.
This presentation does not constitute an offer to any person to whom it would be unlawful to make such an offer.
Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in
the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.
Past performance is not a guide to future performance and the value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed
and a loss of principal may occur.
Opinions expressed are current opinions as of the date appearing in this material only. No part of this material may be 1.) Copied, photocopied or duplicated in any form, by any means;
or 2.) redistributed without Feri Trusts‘ (FT) prior written consent.
© FERI 32