Since we invest money on our clients behalf, risk management is the most important factor of any investment decision we make. We have therefore implemented three risk controls that we use to help us manage risk:

• Allocation – we do not typically allocate more than 5% to any single manager
• Diversification – we allocate across traditional investments, alternative investments and currencies across the world in order to reduce the dependency on one asset class or currency to drive returns
• Discipline – we have a dedicated Head of Risk Management separate from investment strategy to vet all potential portfolio allocations, provide ongoing portfolio risk assessments and screen all potential asset providers.

Separating the risk function from the tactical allocation process and providing the Head of Risk Management with sufficient authority to control asset selection we believe is vital to protecting the values of our clients’ portfolios.