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View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/hf/Preqin-Hedge-Fund-Spotlight-September-2014.pdf The Facts Fund Searches and Mandates Download Data Fund Searches and Mandates We look at the strategies and regions hedge fund investors plan to target in the year ahead, as well as which investors are planning new investments. Fig. 1: Breakdown of Hedge Fund Searches Issued by Fig. 2: Breakdown of Hedge Fund Searches Issued by Investor Location, August 2014 Investor Type, August 2014 Fund of Hedge Funds Manager 3% 3% Public Pension Fund 3%3% 3% 3% 22% Asset Manager North America 6% Endowment 44% Europe 6% Foundation Asia-Pacific Investment Company 8% 58% Insurance Company Rest of World 8% Wealth Manager 31% Private Pension Fund Sovereign Wealth Fund Source: Preqin Hedge Fund Investor Profi les Source: Preqin Hedge Fund Investor Profi les Fig. 3: Hedge Fund Searches Issued by Strategy, August 2014 60% 54% Subscriber Quicklink 50% Subscribers can click here to view detailed profi les of 387 40% institutional investors in hedge funds searching for new 31% investments via the Fund Searches and Mandates feature 30% 27% on Preqin’s Hedge Fund Investor Profi les. 23% 19% 20% 15% 15% Preqin tracks the future investment plans of investors in 12% 12% 10% hedge funds, allowing subscribers to source investors actively 4% Proportion of Fund Searches seeking to invest capital in new hedge fund investments. 0% Not yet a subscriber? For more information, or to register for a Macro demo, please visit: Equity Credit Distressed Diversified Neutral Long/Short Managed Arbitrage Long/Short Event Driven Futures/CTA Equity Market Multi-Strategy www.preqin.com/hfip Relative Value Source: Preqin Hedge Fund Investor Profi les Fig. 4: Examples of Fund Searches Issued in August 2014 Investor Investor Type Location Fund Search Details THEAM is currently looking to invest with fund managers in the Asia-Pacifi c region. The fund Fund of of hedge funds manager plans to expand its investment portfolio over the next 12 months by THEAM Hedge Funds France investing in up to 12 underlying hedge funds. THEAM will be allocating capital to managers that Manager employ special situations and global macro strategies. The $622mn public pension fund is looking to allocate approximately $30mn of its portfolio to one Austin Police fund of hedge funds manager over the next 12 months. The Texas-based public pension fund is Public Pension Retirement US looking to fulfi l its 10% target allocation to the asset class and is currently considering potential Fund System investment opportunities with Lighthouse Partners, Permal Group, Archstone Partnerships and Ironwood Capital Management. The $7.8bn fund of hedge funds manager is targeting an increase in its allocations to macro and Banque Privée Fund of CTA strategies over the next few quarters. The Geneva-headquartered fi rm expects to reallocate Edmond de Hedge Funds Switzerland capital currently tied to its existing hedge fund holdings in an effort to fund any forthcoming macro Rothschild Manager and CTA investments. Source: Preqin Hedge Fund Investor Profi les 14 Hedge Fund Spotlight / September 2014 © 2014 Preqin Ltd. / www.preqin.com.

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CAIA Member Contribution Long Term Investors, Tail Risk Hedging, And
CAIA Member Contribution Long Term Investors, Tail Risk Hedging, and the Role of Global Macro in Institutional Andrew Rozanov, CAIA Portfolios Managing Director, Head of Permal Sovereign Advisory 24 Alternative Investment Analyst Review Long Term Investors 1. Introduction This paper focuses on two related topics: the tension between the fundamental premise of long-term investing and the post-crisis pressure to mitigate tail risks; and new approaches to asset allocation and the potential role of global macro strategies in institutional portfolios. To really understand why these issues are increasingly coming to the fore, it is important to recall the sheer magnitude of losses suffered by sovereign wealth funds and other long-term investors at the peak of the recent financial crisis and to appreciate how shocked they were to see large double-digit percentage drops, not only in their own portfolios, but also in portfolios of institutions that many of them were looking to as potential role models, namely the likes of Yale and Harvard university endowments. Losses for many broadly diversified, multi-asset class portfolios ranged anywhere from 20% to 30% in the course of just a few months. In one of the better publicized cases, Norway’s sovereign fund lost more than 23%, or in dollar equivalent more than $96 billion, an amount that at the time constituted their entire accumulated investment returns since inception in 1996. Some of the longer standing sovereign wealth funds in Asia and the Middle East, which had long invested in a wide range of alternative asset classes such as private equity, real estate and hedge funds, are rumoured to have done even worse in that infamous year.
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