abfe’s directory of minority and women-owned investment ... · investment managers sorted by...

ABFE’sDirectoryofMinorityandWomen-OwnedInvestmentManagerFirms

July2016

FundsSortedbyAssetClass

HedgeFunds Long-Only

RealAssets

1.  AltumCapitalManagement,LLC(pg.7)2.  ArchimedesAlphaFund(pg.8)3.  HarborReserveFund,LP(pg.9)4.  HeardOpportunityFund(pg.10)5.  HollisParkPartnersLP(pg.11)6.  LizardInternaIonalFundLLC(pg.12)7.  MatarinMarketNeutralU.S.Plus(pg.13)8.  NipunAsiaTotalReturnFund(pg.14)9.  PointFrederickEquitySpecialOpportuniIesFund(pg.15)10.  PreserverPartners(pg.16)11.  QuadraIcFund(pg.17)12.  ReganMacroAbsoluteReturn(pg.18)13.  SancusCapitalSelectMasterFund,Ltd(pg.19)

Page2 FundsSortedbyAssetClass

1.  ArielAppreciaIonFund(pg.21)2.  AUucksAssetManagements(pg.22)3.  BiviumCapitalPartners(pg.23)4.  CernerCapitalManagement(pg.24)5.  ChanningCapitalSmall-CapValue(pg.25)6.  ChanningCapitalMid-CapValue(pg.26)7.  ChanningCapitalAll-CapValue(pg.27)8.  ChanningCapitalSMID-CapValue(pg.28)9.  ChanningCapitalLarge-CapValue(pg.29)10.  DisciplinaGroup,LLC(pg.30)11.  FISGroupGlobalEquityStrategy(pg.31)12.  GarciaHamilton&Associates,LP(pg.32)13.  HollandCapitalManagement(pg.33)14.  HerndonCapitalLargeCapValueStrategy(pg.34)15.  LombardiaCapitalPartners,LLC(pg.35)16.  MatarinLargeCapCore(pg.36)17.  MatarinNorthAmericaSmallCap(pg.37)18.  MeIsEmergingMarketsEquity(pg.38)19.  MeIsGlobalMicroCapEquity(pg.39)20.  MeIsInternaIonalEquity(pg.40)21.  MeIsInternaIonalSmallCapEquity(pg.41)22.  NCMCapital(pg.42)23.  ProfitInvestments(pg.43)24.  ProgressInvestmentManagement(pg.44)25.  ReganFocusedEquityPor^olio(pg.45)26.  VisionCapitalLargeCapGrowthEquity(pg.46)27.  VisionCapitalSmallCapGrowthEquity(pg.47)

1.  CogsvilleCapitalPartnersFundI,LP(pg.49)

PrivateEquity

1.  BrightwoodCapitalFundIV,LP(pg.51)2.  BronzeDomesIcSocialImpactFund(pg.52)3.  KuramoAfricaOpportunityFund(pg.53)4.  TurningRockPartnersGP,LLC(pg.54)

InvestmentManagersSortedbyFirmAssetsUnderManagement

$0-$50million $51-$100million

$101-$250million

$250million+

Page3 ManagersSortedbyFirmAssetsUnderManagement

1.  BronzeInvestments(pg.52)2.  ReganInvestments(pgs.18&45)3.  SancusCapital(pg.19)

1.  AltumCapitalManagement,LLC(pg.7)2.  ArielInvestments(pg.21)3.  AUucksAssetManagements(pg.22)4.  BiviumCapitalPartners(pg.23)5.  BrightwoodCapitalAdvisors(pg.51)6.  ChanningCapitalManagement(pg.25-29)7.  FISGroupInc.(pg.31)8.  GarciaHamilton&Associates,LP(pg.32)9.  HerndonCapitalManagement,LLC(pg.34)10.  HollandCapitalManagement(pg.33)11.  HollisParkPartnersLP(pg.11)12.  LombardiaCapitalPartners,LLC(pg.35)13.  MatarinCapital(pgs.13&36-37)14.  NCMCapital(pg.42)15.  ProfitInvestments(pg.43)16.  ProgressInvestmentManagement(pg.45)17.  QuadraIcCapital(pg.17)18.  VisionCapitalManagement,Inc.(pgs.46-47)

1.  KuramoCapitalManagement(pg.53)2.  LizardInvestorsLLC(pg.12)3.  NipunCapital(pg.14)

1.  ArchimedesAlpha,LLC(pg.8)2.  CernerCapitalManagement(pg.24)3.  TheCogsvilleGroupLLC(pg.49)4.  DisciplinaGroup,LLC(pg.30)5.  HeardCapital,LLC(pg.10)6.  IronHarborCapitalManagement,LLC(pg.9)7.  MeIsGlobalPartners(pgs.38-41)8.  PointFrederickCapitalManagement(pg.15)9.  PreserverPartners(pg.16)10.  TurningRockPartnersGP,LCC(pg.54)

InvestmentManagersMinorityandWoman-OwnershipPercentages

Page4 ManagersSortedbyMinorityandWoman-OwnershipPercentages

31–50%20–30%

20–30% 31-50%

1.  NCMCapital(pg.42)2.  NipunCapital(pg.14)2.  ProgressInvestmentManagement(pg.44)

51+%

1.  N/A51+%

1.  ArielInvestments(pg.21)2.  ArchimedesAlpha,LLC(pg.8)3.  BrightwoodCapitalAdvisors,LLC(pg.51)4.  BronzeInvestments(pg.52)5.  CernerCapitalManagement(pg.24)6.  ChanningCapitalManagement(pg.25-29)7.  TheCogsvilleGroup(pg.49)8.  DisciplinaGroup,LLC(pg.30)9.  FISGroup,Inc.(pg.31)10.  GarciaHamilton&Associates,LP(pg.32)11.  HeardCapital,LLC(pg.10)12.  HerndonCapitalManagement,LLC(pg.34)13.  HollandCapitalManagement(pg.33)14.  HollisParkPartnersLP(pg.11)15.  IronHarborCapitalManagement,LLC(pg.9)16.  KuramoCapitalManagement(pg.53)17.  LombardiaCapitalPartners,LLC(pg.35)18.  MeIsGlobalPartners(pg.38-41)19.  NCMCapital(pg.42)20.  NipunCapital(pg.14)21.  PointFrederickCapitalManagement,LLC(pg.15)22.  PreserverPartners(pg.16)23.  ProfitInvestments(pg.43)24.  ProgressInvestmentManagement(pg.44)25.  ReganInvestmentsInc.(pgs.18&45)26.  TurningRockPartnersGP,LCC(pg.54)27.  0

WomanOwnership

MinorityOwnership

1.  AltumCapitalManagement,LLC(pg.7)2.  FISGroup,Inc(pg.31)3.  HollandCapitalManagement(pg.33)4.  LizardInvestorsLLC(pg.12)5.  MatarinCapital(pgs.13&36-37)6.  MeIsGlobalPartners(pg.38-41)7.  QuadraIcCapital(pg.17)8.  SancusCapital(pg.19)9.  VisionCapitalManagement,Inc.(pg.46-47)

1.  ArchimedesAlpha,LLC(pg.8)2. IronHarborCapitalManagement,LLC(pg.9)

1.  N/A

InvestmentManagersSortedbyGeographicRegion

NortheastU.S.

Page5 ManagersSortedbyGeographicRegion

1.  AltumCapitalManagement,LLC(pg.7)2.  ArchimedesAlpha,LLC(pg.8)3.  AUucksAssetManagements(pg.22)4.  BrightwoodCapitalAdvisors,LLC(pg.51)5.  TheCogsvilleGroupLLC(pg.49)6.  FISGroup,Inc.(pg.31)7.  IronHarborCapitalManagement,LLC(pg.9)8.  HollisParkPartnersLP(pg.11)9.  KuramoCapitalManagement(pg.53)10. MatarinCapital(pgs.13&36-37)11. PointFrederickCapitalManagement(pg.15)12. ProfitInvestments(pg.43)13. QuadraIcCapital(pg.17)14. SancusCapital(pg.19)15. TurningRockPartnersGP,LCC(pg.54)

MidwestU.S.1.  ArielInvestments(pg.21)2.  ChanningCapitalManagement(pg.25-29)3.  HeardCapitalLLC(pg.10)4.  HollandCapitalManagement(pg.33)5.  LizardInvestorsLLC(pg.12)6.  ReganInvestmentsInc.(pgs.18&45)

SouthernU.S.1.  CernerCapitalManagement(pg.24)2.  DisciplinaGroup,LLC(pg.30)3.  GarciaHamilton&Associates,LP(pg.32)4.  HerndonCapitalManagement,LLC(pg.34)5.  NCMCapital(pg.42)6.  PreserverPartners(pg.16)

WesternU.S.1.  BiviumCapitalPartners(pg.23)2.  BronzeInvestments(pg.52)3.  LombardiaCapitalPartners,LLC(pg.35)4.  MeIsGlobalPartners(pg.38-41)5.  NipunCapital(pg.14)6.  ProgressInvestmentManagement(pg.44)7.  VisionCapitalManagement,Inc.(pg.46-47)

HedgeFunds

InvestmentManagers

ManagerHighlights:

§  HedgeFund§  Credit

§  OpportunisIcStructuredCredit§  FirmAUM:$460MM

§  FundAUM:$N/A

Performance(SinceIncepIonof07/01/2009):

§  141.29%AnnualizedReturn§  2.57SharpeRaIo

OwnershipDiversity:

§  51+%Women

PrimaryContact:

MeganCruse

Director

(212)317-4000

[email protected]

AltumCapitalManagement,LLC

Dataasof:1February2014

681FiWhAvenue,Floor15NewYork,NY10022

UnitedStateswww.altumcredit.com

FIRMHISTORY&PROFILE

DESCRIPTIONOFFUNDINVESTMENT

Page7 HedgeFunds

AltumisanassetmanagerfocusedonopportunisIcdistressedstructuredcredit.Altumbelieves ithas theappeIte,analysiscapabiliIes,andtradingexperIsetomanagethewide variety of opportuniIes and risks in the current markets. Marjorie Hogan, thePrincipalofAltum,hasbeenmanagingassetsforthefirmsinceJuly2009implemenInganopportunisIcstrategy that investsacrossawiderangeofstructuredcreditmarketsectorsincludingCLOs,RMBS,CMBS,andotherassetbackedsecuriIesinboththeU.S.andEurope.

Altumhasabroadmandatewithin the structuredcredit space.We typically focusonsectorswiththegreatestpotenIalonarelaIvevaluebasis,andmaneuverthevarioussectors as opportuniIes arise. Altum uIlizes state-of-the-art proprietary loan-levelmodels.ThesemodelsandsystemsareusedtoanalyzeNAV,triggerchanges,cash-flowscenarios, and opIonality. Altum's professionals analyze legal indentures and otherperInent documents to protect potenIal outcomes, including those overlooked byindustry-standardtools.WepromoteproacIveinvolvementinnoteholderamendmentsandtheexerciseofcallrights.Altumhasnotusedexternalleverageorfinancingtodate.

ManagerHighlights:

§  HedgeFund§  EventDriven

§  FirmAUM:$N/A

§  FundAUM:$N/A

Performance:

§  N/A%AnnualizedReturn§  N/ASharpeRaIo

OwnershipDiversity:

§  51+%Minority

§  20-30%Women

PrimaryContact:

H.Douglass

ManagingDirector

(201)408-4595

[email protected]

ArchimedesAlpha,LLC

Dataasof:1September2014

285GrandAve,5PatriotCentre,2ndFloorEnglewood,NJ07631

UnitedStateswww.archimedesalpha.com

FIRMHISTORY&PROFILE


Page8 HedgeFunds

Foundedin2013,ArchimedesAlphaintendstoinvestineventdrivenopportuniIesandsituaIonswherevaluecanbeaddedasconstrucIveacIvists.Indoingso,thefirmwillconstructandmanagea longbiasedporôlioofequityandequity-linkedsecuriIesofpublicly tradedcompanieswithmarket capitalizaIonsbetween$100millionand$1.5billion. Porôlio may be hedged, provide a built-in margin of safety, and/or becollateralized. AcIvely monitor porôlio and liquidity posiIons to minimize liquidityrisks to investors. The investment horizon for core investmentswill be 1-3 yrs. TotalreturnobjecIveswillbestrengthenedbytheabilitytotradearoundcoreposiIonstogenerateaddiIonalsourcesofalpha.

Pre-Launch

ManagerHighlights:

§  HedgeFund§  GlobalMacro

§  FirmAUM:$12.5MM

§  FundAUM:$N/A


§  5.3%AnnualizedReturn§  9.45VolaIlity

§  1.48SharpeRaIo§  5.27%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

§  20-30%Women

PrimaryContact:

GravellePierre

CIO

(646)290-5451

[email protected]

HarborReserveFund,LP

Dataasof:1April2016

155WaterStreet,6thFloorBrooklyn,NY11201

UnitedStateswww.iharborcap.com

FIRMHISTORY&PROFILE


Page9 HedgeFunds

Iron Harbor is a discreIonary global macro manager with a 7-year track record. OurinvestmentobjecIve is to pursue relaIve valueopportuniIes across economic regions andasset categories -- fixed income, equiIes and real assets. We combine fundamental assetvaluaIon with economic factor analysis to create a balanced, mulI-asset investmentpor^olio. Our fund has consistently ranked in the top-Ier of discreIonary global macrostrategies (Bloomberg: HARBRES US <Equity>). We are quite disInct from global macromanagersinthatwearenothigh-frequencytraders;wedonotchasetrends/headlinesnordowe seek to capture niche opportuniIes with leverage. Rather, we look deeper into assetmarketsandregions todevelopbroad investment themesandexecuteourposiIonsacrossthesemarketswhichwewilltypicallyholdfor12-18months.Welookforfundamentalvaluein the assets in which we invest, assessing economic fundamentals across emerging anddevelopedmarkets.

Ourgoalistoconstructandmaintainaliquid,mulI-assetpor^olio.Tothatend,wefocusonhighly liquid instruments includingfutures,securiIesandopIonsonboth.Weexpecttobeable to reduce our posiIon size in a rapidmanner to adjust to changes in our investmenttheses or to respond to redempIon requests or market condiIons. Our terms are 2%managementfeeand20%performancefeeandweprovidemonthlyliquiditytoinvestors.Wehaveassembledatop-flightteamofoperaIonalpartnerstoincludeBDO(auditor),SS&C(administrator)andCiIbank(custodian). IronHarborisalsoregisteredasaCommodityPoolOperatorandCommodityTradingAdvisorwiththeCFTCandwithNewYorkStateasanIA.

ManagerHighlights:

§  HedgeFund§  Long/Short

§  FirmAUM:$32MM

§  FundAUM:$N/A


§  15%AnnualizedReturn§  12%VolaIlity


OwnershipDiversity:

§  51+%Minority

PrimaryContact:

WilliamHeard

CEO&CIO

(414)241-6318

[email protected]

HeardOpportunityFund

Dataasof:14June2016

180NLaSalleSuite2750Chicago,IL60654

UnitedStateswww.heardcapital.com

FIRMHISTORY&PROFILE


Page10 HedgeFunds

HeardCapitalwasformedin2010andbeganinvesIngonbehalfofthestrategyinJuly2011.HeardCapitalhastwostrategiesaLong/ShortandaHighConvicIonLongOnly.HeardCapitalhasapproximately4employees(3inChicagoand1inDallas),ofwhich2areinvestmentprofessionalsand2arebusinessprofessionals.TheFirmcurrentlymanagesapproximately$32million.BoardofAdvisorsHeardCapital’sBoardofAdvisorsdifferenIatesthefirmfromitspeers.EachAdvisorisaseasonedbusinessand/orinvestmentprofessional,andisfullyengagedinthegrowthandsuccessofthefirm.JohnCanning,Jr.MadisonDearbornPartnersEricReevesDuchossoisCapitalManagementLLC

HeardOpportunityFundLLCisaDelawarelimitedliabilitycompany.TheFund'scurrentinvestment objecIves to achieve risk adjusted returns in the telecom, media,technology, financial and industrial sectors of the global economy. The Fund willgenerallypursuethisobjecIvebyremainingsecurityagnosIcintheirapproachandbymakingopportunisIcinvestments.

ManagerHighlights:

§  HedgeFund§  MulIi-StratStructuredProduct

§  FirmAUM:$154,000MM

§  FundAUM:$N/A


§  10-15%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

HarrietHabert

DirectorofMarkeIng

(212)205-8104

[email protected]

HollisParkPartnersLP

Dataasof:1April2016

1540Broadway,39thFloorNewYork,NY10019

UnitedStateswww.hollisparkpartners.com

FIRMHISTORY&PROFILE


Page11 HedgeFunds

HollisParkPartnersmanagesamulI-strategystructuredproductshedgefundfoundedby TroyDixonwhich launched inDecember2014.Hollis Park is seededbyGrosvenorCapitalManagementandcurrentlyhas ten insItuIonal investors, including four largeandwell-knownfundoffunds,twolargecorporatepensions,twolargepublicpensions,an insurance company and an endowment, with approximately $200mm incommitments.

HollisParkemploysamulI-strategyapproach, invesIngacrosstheenIrespectrumofstructured products. The Firm dynamically allocates capital across structured rates,structuredderivaIvesandstructuredcredit.Thetotalamountinvestedinanyofthesethree security classes is limited to avoid overconcentraIon and ensure diversificaIonappropriatetotheFirm’sinvestmentthesis

ManagerHighlights:

§  HedgeFund§  Equity

§  FirmAUM:$200MM

§  FundAUM:$N/A


§  14%AnnualizedReturn§  8.5%VolaIlity


OwnershipDiversity:

§  51+%Women

PrimaryContact:

DonnaHolmes

HeadofBusinessDevelopment

(312)803-7288

[email protected]

LizardInternadonalFundLLC

Dataasof:31March2014

435N.Michigan,Floor23Chicago,IL60611

UnitedStateswww.lizardinvestors.com

FIRMHISTORY&PROFILE


Page12 HedgeFunds

LizardInvestorswasfoundedbyLeahZellin2008andtheLizardInternaIonalFundwaslaunched in January 2009. The firm is 100% women owned and employs a team ofsevenpeople.PriortofoundingLizard,Ms.ZellheldseveralinternaIonalleadporôliomanager posiIons at Wanger Asset Management, a firm she co-founded. She hasearnedareputaIonasanexpertininternaIonalinvesIngwithunparalleledknowledgeof companies and cultures outside the U.S. Ms. Zell is supported by two principals,DavidLiand JonMoog,bothofwhom joined thefirmprior to launch.Mr.LiandMr.MoogeachhaveabouttwelveyearsofinvesIngexperienceandweremostrecentlyatAmici Capital and Bright Point Capital, respecIvely. Lizard is an SEC registeredinvestmentadviserandbasedinChicago.

LizardInternaIonalFundisalong-biased,equityhedgefund.TheobjecIveofthefundistogenerateexcellentreturns,whileminimizingtheriskofpermanentcapitalloss.Theinvestment teamstrives to createanon-replicableporôlio, targeIng small andmid-capcompanieslocatedoutsidetheU.S.Thefundhasa“goanywhere”mandatethatisagnosIc to geography, sector and benchmark. Lizard maintains a porôlio ofapproximately 30 long posiIons and up to 10 shorts. We invest in mispriced andoverlooked companies, primarily in less-efficientmarkets, andmanage risk effecIvelyusingshortposiIons,cash,currencyhedgingandthroughprocessdriveninvestment.

ManagerHighlights:

§  HedgeFund§  Long/Short


§  FundAUM:$N/A


§  2.9%AnnualizedReturn§  7.5%VolaIlity

§  .19SharpeRaIo§  .08%BenchmarkReturn

OwnershipDiversity:

§  51+%Women

PrimaryContact:

MartaCoUon

DirectorofClientDevelopment

(203)998-0484

[email protected]

MatarinMarketNeutralU.S.Plus


OneDockStreet,Suite320Stamford,CT06902

UnitedStateswww.matarin.com

FIRMHISTORY&PROFILE


Page13 HedgeFunds

Matarin’sinvestmentteamhasdecadesofexperience,muchofitworkingtogetheratInvescopriortofoundingMatarin.Matarinis100%employeeownedandallfiveprincipalsofMatarinareinvestorsinboththemanagementcompanyandintheinvestmentstrategies.Employeesareinvestorsrightalongsideclientsandhaveasignificantvestedinterestinallaspectsofthefirm’s success. The Firm is SEC registered and a cerIfied women-owned business. Itsprincipalsbelievestronglyinacultureofdiversityinpeopleandthought,andinbuildingandmaintainingbothabusinessandinvestmentculturethatfostersteamwork,acommitmenttoconInuouslearning,innovaIonandinsigh^ulsoluIons,andwelcomethoseideasfromeverysource.Matarin has three strategies funded by insItuIonal investors: small and large capcore, and a long/short equity hedge fund. These strategies are all basedon the same coreinvestmentprocessanduIlizethesamebodyofexcessreturnforecasts.

TheobjecIveofMatarinMarketNeutralUSPlus(MNUS)istoprovideanaUracIvereturnandriskrelaIonshipusingvalueaddedforecasIngmodelsandrigorousriskcontrols.TheMNUSstrategyseekstodeliverannualizedexcessreturnsof5-7%withstandarddeviaIonof6-10%grossofcostsandfees.MNUSemploysaboUom-upstockselecIonprocessdrawingfromauniverse of 2700 all-cap equiIes traded in the U.S. It generally holds 240 posiIons and isdiversified across sectors and industries. Matarin's proprietary process recognizes thatinefficiencies arise in themarketdue to investor greedand fear.We seek to idenIfy greatfundamental ideas about what drives stock returns in the long run and apply them in anunbiased way in order to take advantage of dislocaIons as they arise. AddiIonally, weforecast what types of investment decision making will be most rewarded in the currentmarkets,andweIltourprocesstowardinputswhichweexpecttobemostsuccessful.

ManagerHighlights:

§  HedgeFund§  Equity


§  FundAUM:$N/A


§  24.94%AnnualizedReturn§  10.15%VolaIlity§  1.08SharpeRaIo

§  N/A%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

§  31-50%Women

PrimaryContact:

NicoleLacues

InvestorRelaIons

(415)652-0537

[email protected]

NipunAsiaTotalReturnFund

Dataasof:31May2014

950TowerLane,Suite1725FosterCity,California94404

UnitedStateswww.nipuncapital.com

FIRMHISTORY&PROFILE


Page14 HedgeFunds

NipunCapital is abouIque investmentmanager focusedondevelopedandemergingAsianmarkets. The teamatNipun consists of 6 senior investmentprofessionals fromBarclaysGlobal Investors (BGI)/Blackrock, including the formerHead ofGlobal EquityResearch,Dr.CharlesM.C.Lee.AlthoughNipunCapitalisayoungfirm,the3foundingpartners,Dr.CharlesLee,Dr.KenHuiandPoojaMalikworkedtogetherforover8yearsatBarclaysGlobalInvestors,which,attheImeofitsacquisiIonbyBlackrock,wasthelargest insItuIonal asset management firm in the world. At BGI, Pooja Malik ledinvestmentteamsandmanagedinsItuIonalpor^oliosof$6-12BinassetsandDr.KenHuirantheJapaneseAcIveEquitystrategies.AstheGlobalHeadofEquityResearchatBGI,Dr.CharlesLeewasresponsible for$300B inAUM.Dr.Lee iscurrentlyatenuredProfessoratStanford'sGraduateSchoolofBusinessandisconsideredtobeapioneerinthefieldofquanItaIveinvesIng.

NipunAsiaTotalReturnFund:InMayof2012,NipunlaunchedanAsianabsolutereturnstrategydesignedtogenerate10-12%returnnetoffees,with8-10%volaIlity.TheFundisdesigned tobemarketneutral (to theMSCIAsiaPac) and is apure stock selecIonstrategythatisfundamentallydrivenandsystemaIcallyimplemented.TheFundinvestsin11marketsacrossAsiaandisdesignedtobenefitfromthestructuralinefficienciesinthesemarketsmainlydrivenbythepresenceofretail investors,whodonotinvestforfundamental reasons and cause prices to deviate from fair value, someImes for asignificantamountofIme.SinceincepIon,theFundhasreturned24.94%with10.15%monthlyvolaIlity,asharperaIoof1.08andzerocorrelaIontoequitymarkets.Ithasgeneratedreturnsinbothupanddownmarkets.

ManagerHighlights:

§  HedgeFund§  EventDriven


§  FundAUM:$N/A



§  3.48SharpeRaIo§  0%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

ChandSooran

ManagerandFoundingMember,CIO

(646)380-6675

chand.sooran@poin^rederickcapital.com

PointFrederickEquitySpecialOpportunidesFund

Dataasof:1March2014

1140AveoftheAmericas,9thFloorNewYork,NY10036

UnitedStateswww.poinerederickcapital.com

FIRMHISTORY&PROFILE


Page15 HedgeFunds

ChandSooran,theCIO,startedtheManager inJanuary2013.AyerpuzngtogetherateamandagroupofTierOnevendors,theFundlaunchedinNovember2013withasmallamountofemployeeandfamilymoney.TheManagerintendedtodemonstrateatrackrecordanditssignificant entrepreneurial commitment while developing relaIonships that could lead tointroducIons to day one investors and seeder enIIes. This plan is on-track. The CIO hasextensive hedge fund experience including Ime employed at CQS, Columbus Hill, and theLehman Brothers Risk Arbitrage Group, an internal mulI-strategy hedge fund. Prior tobusinessschoolatMITSloan,heworkedasamarketmakerinforeignexchangeopIons.Heisa formernavalofficer in theRoyalCanadianNavy.Theteam includesanexperiencedCOO/CFO who has worked at GlobeOp, Bridgewater and Frontpoint, as well as analysts fromPrudenIal/SterneAgeeandChanin.

The Fund pursues an event-driven long/short strategy invesIng in equiIes and in credit,targeIngthefulcrumsecurity,acrossdevelopedmarketsandsectors.TheFund'sopportunityis predicated on a broad definiIon of events includingmergers and corporate acIons, butalso turnarounds, workouts, restructurings, sector disrupIve events, and macro disrupIveevents.ThisbreadthprovidesforopportuniIesacrossawidevarietyofmarketset-ups.TheFund isdifferenIated inanumberofways.TheManageremploysaproprietary, integratedmethodologyforsizingposiIonsandmanagingoverallexposures.TheManagerhasauniqueprocessforconstrucIngpor^oliosthatareintendedtofocusonspecialsituaIonsnamesthatareoffthebeatenpath.TheManager'sbroaderdefiniIonofeventsurfacesagreatervarietyof candidate investments. The por^olio construcIon process is informedby theManager'smacroexperience.Theduediligenceprocessisconsistentlyapplied.

ManagerHighlights:

§  HedgeFund§  FundofFunds

§  FirmAUM:$56MM

§  FundAUM:$N/A




OwnershipDiversity:

§  51+%Minority

PrimaryContact:

FloydTyler

PresidentandCIO

(901)755-4737

PreserverPartners

Dataasof:31May2016

8700TrailLakeDriveWest,Suite105Memphis,TN38125

UnitedStateswww.preserverpartners.com

FIRMHISTORY&PROFILE


Page16 HedgeFunds

PreserverPartners,aTennesseelimitedliabilitycompanywasorganizedonJuly28,2009,andismanagedandcontrolledbyFloydTyler.PreserverPartners isan independent investmentmanagementfirmandservesasgeneralpartnertoitsaffiliatedenIIes.ThefirmisMemberManaged.FloydTyler is97%ownerof theGeneralPartner.DanaPointer is3%owner.TheFirmisfocusedonincreasingthenumberanddiversityoflimitedpartners.Wearefocusedonhigh net worth individuals, pension plans, endowments and foundaIons, and investmentplaôrmsthataccommodatealternaIveinvestmentvehicles.Preserver’stargetinvestorsarethose seeking a diversified, all-weather porôlio with upside potenIal to complementtradiIonal stock and bond porôlios, while generaIng an aUracIve income yield withopportuniIes for capital appreciaIon. The return objecIve is to generate long-termconsistent,equity-likereturnswithbond-likevolaIlity,whileminimizingtheriskofloss.

Preserver, L.P. employs a unique approach to contrarian value invesIng by invesIngstrategically where there are structural inefficiencies and tacIcally to capture temporarymarketdislocaIons.TheFundseeksinvestmentsthatcandeliverequity-likereturnswithhighcurrent income and low volaIlity. Asset allocaIon, investment selecIon, defensiveinvestments,andcashareincorporatedtoreducesystemaIcrisks.Process:First,weofferacontrarian,value-orientedinvestmentapproachemphasizingunderfollowedandlessefficientsub-assetclasses.Second,ourbiastowardsincome-generaIngsecuriIesandstrategiesoffersdownsideprotecIon.Weseektogenerate6-8%current incomewithoutexcessivecreditorinterestraterisk.Third,ouropportunisIcapproachtoinvestmentvehicleselecIonallowsusto thoughûllyconsideralphavs.betareturndrivers,Imehorizon, feedifferencesandriskefficiencywhenselecInginvestments,Fourth,weemploydirectinvestments.

ManagerHighlights:



§  FundAUM:$N/A


§  N/A%AnnualizedReturn§  N/A%VolaIlity

§  N/ASharpeRaIo§  N/ABenchmarkReturn

OwnershipDiversity:

§  51+%Woman

PrimaryContact:

NancyDavis

ManagingPartner&CIO

(203)340-2943

[email protected]

QuadradcFund

Dataasof:8April2016

10GriggStreet,Suite2Greenwich,CT06830

UnitedStateswww.quadradcllc.com

FIRMHISTORY&PROFILE


Page17 HedgeFunds

QuadraIc is an innovaIve, discreIonary global macro strategy. QuadraIc'sdifferenIatedapproachtoporôlioconstrucIonusesopIonstoexpress fundamentalmacroeconomic themes. QuadraIcentered intoa strategic seedingpartnershipwithRamius, a $14billion alternaIveassetmanagementplaôrm. In addiIon to invesIng$105 million of seed capital, Ramius manages QuadraIc’s middle and back officefuncIons with its Ime-tested, insItuIonal infrastructure. We believe that ourarrangementstronglymiIgatesthebusinessandoperaIonalriskscommonlyassociatedwith new funds, andwe hope thiswill provide comfort for our investors. QuadraIccurrently manages roughly $400 million, split between a commingled fund andmanagedaccounts.

QuadraIc is an innovaIve discreIonary global macro strategy that invests acrossmulIple asset classes, including equiIes, commodiIes, currencies, credit, and rates.We employ an opIons-based approach, which is central to the structuring of ourporôlio.AsaresultweexpectQuadraIctodeliverreturnsthatareuncorrelatedtoriskmarkets. QuadraIc has a talented and passionate investment team with a strongpedigree. The team is headed by founder Nancy Davis, formerly Head of Credit,DerivaIvesandOTCTradingatGoldmanSachs.Nancyisalsothemajorityownerofthefirm. Susanna Jacob, QuanItaIve Strategist, has held senior trading posiIons atGoldman Sachs (where she worked with Nancy), Citadel, and BlackRock. HenriqueRocha, Emerging Markets Strategist, is a veteran Goldman Sachs Rates and FXStrategist.Dr.DavidSeifholdsaPh.D.inEconomicsfromHarvardUniversityandwasaformerpartneratPaulson&Co.

ManagerHighlights:



§  FundAUM:N/A




AnnualizedHFRXMacroIndex

OwnershipDiversity:

§  51+%Black

PrimaryContact:

RobertM.ReganJr.

President

(952)473-1080

[email protected]

ReganMacroAbsoluteReturn


1600UdcaAvenueSouth,#460Minneapolis,MN55416

UnitedStateswww.reganinv.com

FIRMHISTORY&PROFILE


Page18 HedgeFunds

Regan Investmentswas founded inMinneapolis,MN in 2002 by RobertM. Regan Jr.Prior to forming thefirm,Mr.ReganheldporôliomanagementandresearchanalystposiIonswithMerrillLynchandThomsonFinancial.Thefirmis95%minorityand100%employee owned and operated and our people have over 75 years combinedexperiencemanagingporôliosforindividualsandinsItuIons.Thefirmoperateshedgefundandequitystrategieswithintheframeworkofseparateaccounts.Theinvestmentteam is focused on teamwork and transparency and has mulIple decades worth ofindustryexperienceinvesIngacrossmarketsandeconomiccycles.

TheMacroAbsoluteReturnstrategyemploysa top-downapproachwithaboUomupoverlay that focuses on both fundamental and technical criteria. The strategy investsacrossassetclassesspecificallyfocusingonstocks,bonds,commodiIes,andcurrenciesthroughtheuseoflistedproductsonly.Bothlong/short,andforeign/domesIcposiIonsareuIlized.TheMacrostrategyhasavery lowcorrelaIontothemajor indicesand isstructuredtoinvestacrossassetclassestotakeadvantageoftheeverchangingpoliIcaland economic landscape. The strategy employs ulImate flexibility in order to takeadvantageofdisjointedandmispricedmarketsanduIlizesagoanywherephilosophy.UlImately,ourgoal is toprovide long-termreturns thatequalorexceeda tradiIonalcoreequityporôliowithoutthedownsidevolaIlityordrawdown.

ManagerHighlights:


§  FundAUM:$58.8MM

§  FundAUM:$N/A



§  1.63SharpeRaIo

OwnershipDiversity:

§  51+%Women

PrimaryContact:

OlgaChernova

ChiefInvestmentOfficer

(212)277-8253

[email protected]

SancusCapitalSelectMasterFund


1325AveoftheAmericas,28thFloorNewYork,NY10019

UnitedStateswww.sancuscap.com

FIRMHISTORY&PROFILE


Page19 HedgeFunds

Sancus Capital Management is a woman-owned, Registered Investment Adviser of SancusCapitalSelectMasterFund,Ltd.TheFundwasfoundedin2009byOlgaChernovaandinvestsinliquidcredit-basedassets,bothonthelongandshortside,primarilyintheNorthAmericanandEuropeanmarkets.Sancusisfocusedonthreecorestrategies:Long/Short,RelaIveValueand Capital Structure. Sancus combines fundamental, macro and technical analysis togenerateposiIvereturnswithlowcorrelaIontooverallmarkets.Previously,OlgaChernovawas a Managing Director at JPMorgan Proprietary PosiIoning Business and Dillon ReadCapitalManagementwhere shebuilt andmanaged similar creditbusinesses. From1999 to2006OlgaChernovaheldanumberofcredittradingrolesatGoldmanSachs.SancuswasthewinneroftheInvestorsChoiceHedgeFundAwards2014asthebestEmergingGlobalCreditFundof2013anditsperformancewasrank#1for2013byBarclayHedgeintheCreditLong/Shortcategory.

Sancusisalong/shortcreditfundfocusedongeneraIngreturnsfromcreditpremiumsthroughtheuseofcreditderivaIvesandfloaIng-ratecreditproductswhileminimizingexposuretointerestrates.TheFundcanposiIonitselftobenefitfromarisinginterestrateenvironmentbyavoidingcorporatebonds,yetconInuingtobenefitfromposiIvecorporate fundamentals through the use of alternaIve credit products. Focus onfloaIng rate credit provides low correlaIon with other classic long/short creditmanagers,mutualfunds,andETFs.SancusuIlizesstructuredproductssuchasCLOsandsyntheIctranchestotakeadvantageofcomplexitypremiumsoyenembeddedinsuchinstrumentsandtobenefitfromstructuralsubordinaIon,reducingrecourseriskinhighdefaultenvironmentswhileachievingequity-likereturns.

Long-Only

InvestmentManagers

ManagerHighlights:

§  Long-Only§  MidCapValue


§  FundAUM:$N/A


§  11.54%Ann.Return§  46.21%YTDAnn.Return

§  11.27VolaIlity§  33.46%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

EllenChube

ChiefofStaff

(312)726-0140

[email protected]

ArielAppreciadonFund

Dataasof:31December2013

FIRMHISTORY&PROFILE


Page21 Long-Only

ArielInvestmentsisamoneymanagementfirmheadquarteredinChicagoservingindividualsand insItuIons through its no-loadmutual funds and separate account vehicles. Since ourfoundingin1983,a“slowandsteady”approachasillustratedbyourturtlemascothasservedasthebedrockofAriel’sinvestmentandbusinessphilosophy.Asvalueinvestors,ourofferingsfocuson the long term, allowingus to takeadvantageofbuyingopportuniIes arising fromWall Street’s excessive short term emphasis. The accumulated experience of our team hastaughtusthatpaIence,focus,independentthinkingandteamworkcreateawinningcultureofexcellentlong-termperformanceandoutstandingservice.

ArielAppreciaIonFundisano-load,publiclytradedmidcapvaluemutualfund,whichinvestsinhigh-quality,undervaluedmediumcapitalizaIoncompanies.

200EastRandolphStreet,Suite2900Chicago,IL60601

UnitedStateswww.arielinvestments.com

ManagerHighlights:

§  Long-Only§  FundofFunds


§  FundAUM:$N/A


§  N/A%Ann.Return§  N/%YTDAnn.Return

§  N/AVolaIlity§  N/ABenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

WistonBlake

VicePresident

(312)422-9900

[email protected]

AhucksAssetManagement


FIRMHISTORY&PROFILE


Page22 Long-Only

AUuckswas founded in2001andwas registeredwith the SECas an investmentadvisoronJanuary1,2002.AUucks specializes increaIngcustomizedmanager-of-managersporôlios,allowing insItuIonal investors the opportunity to invest with emerging and minority-andwomen-ownedinvestmentmanagersinarisk-controlledenvironment.ManagingManager-of-Managers programs is AUucks’ only business. AUucks began managing accounts for tax-exemptclientsin2004.AUucksisanentrepreneurial,minority-ownedandoperatedfirmthatunderstands the unique challenges of this market segment. We work with insItuIonalinvestors to help them structure and run customizedmulI-manager investment programs.AUucks iscommiUedtoprovidingthehighestqualityofserviceto itsclientsandalsototheunderlyinginvestmentmanagercommunitywithwhichwework.Westrivetooutperformourinvestmentbenchmarks,thusprovidinganeconomicraIonaleforAUucks'porôliosandourclients.

TheAUucksteamhasextensiveexperienceincreaIngporôliosfor insItuIonalclientsthatuIlizeemergingandminority-andwomen-ownedfirms.AUuckshas investedapproximately90%ofourtotalfirmassetswithminority-andwomen-ownedinvestmentmanagementfirms.While the industryconInues to seedynamicchanges,AUucks’ corecompetency remains infindingandgrowingemerging,underuIlizedinvestmentfirmsandstrategiesthatconcentratein publicmarket invesIng.We believe thatwe have been able to idenIfy and invest withsomeofthestrongestemergingmanagersacrossallassetclasses.

321NClarkStChicago,IL60601

UnitedStateswww.ahucksfunds.com

ManagerHighlights:



§  FundAUM:$N/A


OwnershipDiversity:

§  51+%Minority

PrimaryContact:

LawrenceP.Bancroy

President&CEO

(415)825-0607

[email protected]

BiviumCapitalPartners

Dataasof:3March2015

FIRMHISTORY&PROFILE


Page23 Long-Only

AtBiviumCapital,wehavepartneredwithinvestorsandmanagerstohelpthemachievetheirstrategicobjecIvessince2002.WecatertoaninsItuIonalclientbase,includingpublicplansponsorsandcorporaIons.OurmanagerofmanagersprogramiscomprisedofdiverseemergingandbouIqueinvestmentfirms.WehaveprovidedourpartnerswithinnovaIvesoluIonsbydeliveringdifferenIatedsourcesofalpha,thought-leadingresearch,anddiverseadvisoryservicestailoredtoeachpartner’sspecificmandateandgoals.Throughoutourhistory,wehavefoundthatthebestrelaIonships,andourstrongestpartnerships,arebuiltonextensiveinteracIonandsubstanIvecollaboraIonregardinglong-termaimsandporôlioconstrucIon.InvestorsseekingbouIqueandemergingtalentconInuetoturntoustodaybecauseofourclient-centricculture,results-orientedmindsetandinvestmentexperience.

OurprocessbeginsbytakingaproacIvestanceonfindingalphaopportuniIesforourclientsininefficientareas,andseekingtounderstandthedriversofexcessreturnsinanygivenassetclass.TheabilitytoidenIfyalphaproducingmanagersacrossassetclassesenablesustoconstructporôliosthatmeetthespecificgoalsofourstrategicpartners.Whiletherearemanystagesinthisproprietaryprocess,robustduediligence,porôliomanagementandriskmanagementareintegralcomponents.WecurrentlyhaveadisInctproductofferinginSmallCap,AllCap,Microcap,InternaIonal(DevelopedandEmerging),Global,andEmergingCorporateDebt.

44MontgomerySt.Ste4250SanFrancisco,CA

UnitedStateswww.biviumcapital.com

ManagerHighlights:

§  Long-Only§  Other

§  FirmAUM:$9MM

§  FundAUM:$N/A



§  6.9%VolaIlity§  4.19%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

RayPayne

Partner

(770)490-9003

[email protected]

CernerCapitalManagement


FIRMHISTORY&PROFILE


Page24 Long-Only

Cerner CapitalManagement is a 100% employee-owned assetmanagement firm.Wehave beenmanaging assets for primarily for high net worth clients for 12 years andcurrentlyhaveapproximately$9MinAUM.

We manage an unconstrained global dividend equity strategy that is well suited forfoundaIonsandendowmentsaswedonothaveafullyinvestedmandate.Thestrategyis one that generates above average cash returns and typically outperforms duringvolaIleandbearmarkets.

6105BlueStoneRoad,SuiteAAtlanta,GA30328

UnitedStateswww.cernercapital.com

ManagerHighlights:

§  Long-Only§  Small-CapValue


§  FundAUM:$1,535MM


§  8.55%Ann.Return§  4.77%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

RichardTurnley

RegionalDirector

(312)223-0211

[email protected]

ChanningCapitalSmall-CapValue

Dataasof:8April2016

FIRMHISTORY&PROFILE


Page25 Long-Only

ChanningCapitalManagementprovidesinvestmentadvisoryservicesforinsItuIonalinvestors.Long-termperformanceandtailoredclientservicearelong-standingpreceptsthatdriveeverythingwedo.Eachofourfivestrategiesismanagedbyonedisciplinedapproach:IntrinsicValue.Andbyemployingaresearch-intensive,fundamental,boUom-upprocess,webuildporôliosposiIonedtogeneratesolidlong-termperformance,withmanagedrisk.

We believe that building concentrated porôlios of small- to medium-sized,undervalued companieswill produce above-market, long-term results andhigh alpha.GuidedbyacontrarianperspecIveandhighconvicIon,wearecommiUedtoinvesIngin40to50companiesinwhichwebelievethereislong-lasIngunrecognizedvalue.Theend result isaporôlioofBest Ideas:highquality franchiseswith strongbalancesheetsmanagementteams,whichweuncoverthroughintensive,fundamental,boUom-upresearch.MarketCapitalizaIon:Primarily$300millionto$2billionBenchmark:Russell2000ValueIndexPorôlioManager:WendellE.Mackey,CFA

10SouthLaSalleStreetSuite2401Chicago,IL60603

UnitedStateswww.channingcapital.com

ManagerHighlights:

§  Long-Only§  Mid-CapValue


§  FundAUM:$350MM



OwnershipDiversity:

§  51+%Minority

PrimaryContact:

RichardTurnley

RegionalDirector

(312)223-0211

[email protected]

ChanningCapitalMid-CapValue

Dataasof:8April2016

FIRMHISTORY&PROFILE


Page26 Long-Only


We believe that building concentrated porôlios of small- to medium-sized,undervalued companieswill produce above-market, long-term results andhigh alpha.GuidedbyacontrarianperspecIveandhighconvicIon,wearecommiUedtoinvesIngin40to50companiesinwhichwebelievethereislong-lasIngunrecognizedvalue.Theend result isaporôlioofBest Ideas:highquality franchiseswith strongbalancesheetsmanagementteams,whichweuncoverthroughintensive,fundamental,boUom-upresearch.MarketCapitalizaIon:Primarily$2billionto$15billionBenchmark:RussellMidcapValueIndexPorôlioManager:EricT.McKissack,CFA,JawanzaT.Hughes,DeryckLampe,CFA



ManagerHighlights:

§  Long-Only§  All-CapValue





OwnershipDiversity:

§  51+%Minority

PrimaryContact:

RichardTurnley

RegionalDirector

(312)223-0211

[email protected]

ChanningCapitalAll-CapValue

Dataasof:8April2016

FIRMHISTORY&PROFILE


Page27 Long-Only


We believe that building concentrated porôlios of small- to medium-sized,undervalued companieswill produce above-market, long-term results andhigh alpha.GuidedbyacontrarianperspecIveandhighconvicIon,wearecommiUedtoinvesIngin40to50companiesinwhichwebelievethereislong-lasIngunrecognizedvalue.Theend result isaporôlioofBest Ideas:highquality franchiseswith strongbalancesheetsmanagementteams,whichweuncoverthroughintensive,fundamental,boUom-upresearch.MarketCapitalizaIon:Primarily$1.5billionandaboveBenchmark:Russell3000ValueIndexPorôlioManager:DeryckLampe,CFA,EricT.McKissack,CFA,JawanzaT.Hughes



ManagerHighlights:

§  Long-Only§  SMID-CapValue





OwnershipDiversity:

§  51+%Minority

PrimaryContact:

RichardTurnley

RegionalDirector

(312)223-0211

[email protected]

ChanningCapitalSMID-CapValue

Dataasof:8April2016

FIRMHISTORY&PROFILE


Page28 Long-Only


We believe that building concentrated porôlios of small- to medium-sized,undervalued companieswill produce above-market, long-term results andhigh alpha.GuidedbyacontrarianperspecIveandhighconvicIon,wearecommiUedtoinvesIngin40to50companiesinwhichwebelievethereislong-lasIngunrecognizedvalue.Theend result isaporôlioofBest Ideas:highquality franchiseswith strongbalancesheetsmanagementteams,whichweuncoverthroughintensive,fundamental,boUom-upresearch.MarketCapitalizaIon:Primarily$300millionto$20billionBenchmark:Russell2500ValueIndexPorôlioManager:WendellW.Mackey,CFA



ManagerHighlights:

§  Long-Only§  Large-CapValue





OwnershipDiversity:

§  51+%Minority

PrimaryContact:

RichardTurnley

RegionalDirector

(312)223-0211

[email protected]

ChanningCapitalLarge-CapValue

Dataasof:8April2016

FIRMHISTORY&PROFILE


Page29 Long-Only


We believe that building concentrated porôlios of small- to medium-sized,undervalued companieswill produce above-market, long-term results andhigh alpha.GuidedbyacontrarianperspecIveandhighconvicIon,wearecommiUedtoinvesIngin40to50companiesinwhichwebelievethereislong-lasIngunrecognizedvalue.Theend result isaporôlioofBest Ideas:highquality franchiseswith strongbalancesheetsmanagementteams,whichweuncoverthroughintensive,fundamental,boUom-upresearch.MarketCapitalizaIon:Primarily$1.5billionandaboveBenchmark:Russell1000ValueIndexPorôlioManager:JawanzaT.Hughes,EricT.McKissack,CFA,DeryckLampe,CFA



ManagerHighlights:

§  Long-Only§  FundofFunds§  OCIOServices


§  N/A

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

MaUhewWright

President

(615)490-6007

[email protected]

DisciplinaGroup

FIRMHISTORY&PROFILE


Page30 Long-Only

DisciplinaGroup, LLC,was founded in2013by the formerChief InvestmentOfficeratVanderbiltUniversity,MaUhewWright, and senior teammemberswhooversawbothVanderbilt and Emory University’s Investment Office (2001–2013). Disciplina CapitalManagement, as a Registered Investment Advisor, provides insItuIonal investmentmanagement services.Disciplina’smission is towork closelywith small andmid-sizedinsItuIonsintheadvancementoftheirinvestmentpoliciesandpor^olios,allowingtheinsItuIon to focuson its coremission.Withour team’sglobal reachand insItuIonalinvestment experience, Disciplina seeks to close the historical performance gapbetween mulIbillion dollar insItuIons and small to mid-sized resource-constrainedinsItuIonsbyprovidingour clientswith investment scale comparable tomulI-billiondollar organizaIons and a team of seasoned investment professionals who arecommiUedtoeachclient’smission.

Disciplina provides discreIonary investment management services to its clients,providing each client with access to all asset classes that meet their por^olio’sinvestmentobjecIves.AlternaIvely,clientsmaychoosetoaccessspecificassetclassesdependingontheirneeds.Pooledvehicles includetradiIonalassets,emergingmarketequiIes,liquidandilliquidalternaIves.

3100WestEndAvenue,Suite940Nashville,TN37203

UnitedStateswww.disciplina.com

Dataasof:N/A

ManagerHighlights:


§  FirmAUM:$4.5BN

§  FundAUM:$N/A



§  19.33%AnnualStandardDev.§  15.78%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

§  51+%Women

PrimaryContact:

AnneUeAllison

MarkeIng&ClientService

(215)567-1100

[email protected]

FISGroupGlobalEquityStrategy


FIRMHISTORY&PROFILE


Page31 Long-Only

FISGroup, Inc., isaPennsylvaniaSubchapterScorporaIon, is thesuccessorregistrantunder the InvestmentAdvisersActof1940 to itswholly-ownedsubsidiaries, FiduciaryInvestment SoluIons, Inc. (“FIS”) and FIS FundsManagement, Inc. (“FISFM”), each ofwhichwereiniIallyregisteredasinvestmentadvisorsonMarch4,1996toprovideassetmanagementand investmentconsulIngservices, respecIvely.FISGroupwas foundedin 1996 by Tina Byles Williams. Today, FIS Group is a registered investment advisorspecializing in emerging manger investment strategies. FIS offers both domesIc,internaIonal(developedandemergingmarkets)andglobalequitystrategiesinaddiIonto a global tacIcal allocaIon strategy. Our investment strategy, coupled with ourproprietary emerging manager database, also allows us to construct customizedstrategiesforclientsthatmettheiroverallinvestmentandprogramobjecIves.

Our investment philosophy is that a skillfully constructed porôlio of emergingmanagerscanoutperformbothitsindexandpeermedianonariskadjustedbasisoverafullmarketcycle.ThisoutperformanceisaUributabletothecharacterisIcsofemergingmanagerporôlios:highacIveshare,highconcentraIon/convicIon,smallerAUM;theorganizaIonal characterisIcs of emerging investment firms: flaUer, less hierarchicalmanagement structures, investment decision makers whose compensaIon is moredirectlyIedtoporôlioperformance,fewerporôliomanagers,comparedtoanalysts,oninvestmentteams.

1818MarketStreet,Suite3205Philadelphia,PA,19103

UnitedStateswww.FISGroup.com

ManagerHighlights:



§  FundAUM:$N/A


§  6,9%Ann.Return§  8.9%YTDAnn.Return

§  0.56%VolaIlity§  5.97%%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

StephanieRoberts

Partner

(713)[email protected]

GarciaHamilton&Associates,LP

Dataasof:30June2015

FIRMHISTORY&PROFILE


Page32 Long-Only

GarciaHamilton&Associates,L.P.(GH&A)wasfoundedin1988andoffershighqualityfixed income strategies for insItuIonal investors. Its diversified client base includespublic funds, jointly trusteed plans, foundaIons, public funds, jointly trusteed plans,foundaIons, endowments and corporaIons. The firm is a limited partnership and is100% employee-owned by eight internal partners with approximately 85% held byminorityandwomenpartnersand55%heldbyminoritypartners.GH&Aspecializes inhighqualitystrategiesthataredesignedtoprevent“negaIvesurprises.”WechosethisparIcular area of experIse as we believe investors should use fixed income as theanchor in their porôlio that allows them to take risks elsewhere.GarciaHamilton&Associateswas honored by InsItuIonal Investor for two years in a row: In 2014, thefirmwasnamedFixedIncomeInvestmentGradeManageroftheYearandin2015itwasnamedIntermediate-TermFixedIncomeManageroftheYear.

GHA’s fixed income philosophy focuses on the preservaIon of principal whilemaintaininghighcurrentincome.Ourgoalistooutperformthebenchmarkindicesnetoffeeswithhighercreditquality,lowerriskandlessvolaIlity.Thestrategiesemployatop-down approachwith both qualitaIve and quanItaIve components.WemaintainourexperIseby limiIngthesecuriIesweselectforourporôliostoonlyhighqualityissues. This includes U.S. Treasuries, agency debentures, agencyMBS, and corporatesecuriIesratedAorbeUer.Thisqualitybiasreducescreditriskwhileensuringliquidity.We also contain the spread product exposure in our porôlios to the short-tointermediatepartoftheyieldcurvetoreducecreditrisk.

1401McKinneyStreetSuite1600Houston,TX77010

UnitedStateswww.garciahamiltonassociates.com

ManagerHighlights:

§  Long-Only§  LargeGrowth


§  FundAUM:$N/A




OwnershipDiversity:

§  51+%Minority

§  51+%Women

PrimaryContact:

ValerieKing

DirectorofMarkeIng

(312)553-4831

[email protected]

HollandCapitalManagementLLC


FIRMHISTORY&PROFILE


Page33 Long-Only

Holland Capital Management LLC is a Chicago-based investment management firmfoundedinMay1991.Wespecializeinhigh-quality,conservaIvegrowthinvesIngandare pleased to offer twoU.S. equity products, Large CapGrowth Equity andMid CapGrowthEquity.ThefirmhasaninsItuIonalclientbaseofpublicandcorporatepensionplansponsors,unions,endowments,foundaIonsandsubadvisoryrelaIonships.Weareproudtobeaminorityandwomenownedfirmwhichisprimarilyemployeeowned.Holland Capital’s investment philosophy is grounded by boUom up, fundamentalresearch. We believe that skilled investors can idenIfy discrepancies which arisebetweenstockpricesandtheirunderlyingorintrinsicvalue.WeemployaconservaIveapproachtoinvestmentsandourinvestmentstylereflectsabasicbeliefthatthevalueofconservaIve invesIng is“not losing it.”The investmentstyleprovidesprotecIonindecliningmarketsandparIcipaIoninrisingmarkets.

GHA’s fixed income philosophy focuses on the preservaIon of principal whilemaintaininghighcurrentincome.Ourgoalistooutperformthebenchmarkindicesnetoffeeswithhighercreditquality,lowerriskandlessvolaIlity.Thestrategiesemployatop-down approachwith both qualitaIve and quanItaIve components.WemaintainourexperIseby limiIngthesecuriIesweselectforourpor^oliostoonlyhighqualityissues. This includes U.S. Treasuries, agency debentures, agencyMBS, and corporatesecuriIesratedAorbeUer.Thisqualitybiasreducescreditriskwhileensuringliquidity.We also contain the spread product exposure in our por^olios to the short-tointermediatepartoftheyieldcurvetoreducecreditrisk.

303WestMadisonChicago,IL60606

UnitedStateswww.hollandcap.com

ManagerHighlights:

§  Long-Only§  LargeValue


§  FundAUM:$N/A



§  17.83%AnnualStandardDev.§  8.33%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

WalterLindsay

MarkeIng&ClientServices

(404)232-8834

[email protected]

HerndonCapitalLargeCapValueStrategy


FIRMHISTORY&PROFILE


Page34 Long-Only

Herndon Capital Management, LLC is an insItuIonal investment management firmspecializing in large and mid capitalizaIon equity strategies. Founded and registeredwith theSEC in2001, thefirm isanaffiliateof theAtlantaLifeFinancialGroup,a109yearoldfinancial servicesfirm.The three leadpor^oliomanagershaveanownershipstake in the firm. As of December 31, 2014, Herndon CapitalManagementmanagedapproximately$9.79billionininsItuIonalclientassets.OurinsItuIonalproductsallowustoprovideinvestmentsoluIonstoourclientsinboththedomesIcandinternaIonalequitymarkets.

LargeCapValueStrategyFundseekstoidenIfysoundcompanieswhicharetemporarilyout of favorwith themarket. Our relaIve value ranking system idenIfies companieswithsolidfundamentalsthatcanbepurchasedataUracIveprices.

191PeachtreeStreetNE,suite2500Atlanta,GA30303

UnitedStateswww.herndoncap.com

ManagerHighlights:

§  Long-Only§  LargeValue


§  FundAUM:$N/A



§  3.74VolaIlity§  4%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

PaUPhavorachith

ExecuIveAssistant

(626)568-2792

[email protected]

LombardiaCapitalPartners,LLC

Dataasof:30April2014

FIRMHISTORY&PROFILE


Page35 Long-Only

Lombardia Capital Partners, LLC (LCP) is an employee and minority-owned bouIque assetmanagerspecializinginU.S.andnon-U.S.valueequiIes.Foundedin1989,LombardiaCapitalPartners has been offering investment management services for over 25 years. The firmmanagesapproximately$3.9billion(asofMarch31,2014)forinsItuIonal,public,corporate,mulI-employer, and not-for-profit clients. Our senior porôlio management team has anaverageof30yearsof industryexperience.LCP is100%employeeownedandhasoffices inPasadena,CAandChicago,IL.

AllstrategieslistedareacIvelymanagedandfundamentallydriven.

-LargeCapValue(LCV)-Porôlioofstocksofcompanieswithmarketcapsaboveapprox.$1B.WeseektooutperformtheRussell1000Valueindexby100bpsperannum.

-SmallCapValue(SCV)-Porôlioofstocksofcompanieswithmarketcapsbetween$100M-$2B.WeseektooutperformtheRussell2000Valuebenchmarkover300bpsperannum.

-SmallCapCore(SCC)-PorôlioofstocksofsmallcapitalizaIoncompanieswithmarketcapsbetween$100M-$2B.WeseektooutperformtheRussell2000benchmarkover300bpsperannum.

-All Cap Value (ACV) - Concentrated porôlio of stocks of small to large capitalizaIoncompanies.WeseektooutperformtheRussell3000ValueIndex.

-InternaIonalEquityValue(IEV)-Porôlioofnon-U.S.stockswithan investableuniverseofcompanieswithmarketcapsabove$1B.

-Global Equity Value (GEV) - Porôlio of stocks of companieswithmarket caps above $1Baroundtheglobe.

55SouthLakeAvenue,Suite750Pasadena,CA91101

UnitedStateswww.lombardiacapital.com

ManagerHighlights:

§  Long-Only§  LargeCapCore


§  FundAUM:$N/A


§  21%Ann.Return§  11.4%YTDAnn.Return

§  2.2%VolaIlity§  17%BenchmarkReturn

OwnershipDiversity:

§  51+%Women

PrimaryContact:

MartaCoUon


(203)998-0484

[email protected]

MatarinLargeCapCore

FIRMHISTORY&PROFILE


Page36 Long-Only

Matarin’sinvestmentteamhasdecadesofexperience,muchofitworkingtogetheratInvescopriortofoundingMatarin.Matarinis100%employeeownedandallfiveprincipalsofMatarinareinvestorsinboththemanagementcompanyandintheinvestmentstrategies.Employeesareinvestorsrightalongsideclientsandhaveasignificantvestedinterestinallaspectsofthefirm’ssuccess.TheFirmisSECregisteredandacerIfiedwomen-ownedbusiness.Itsprincipalsbelieve strongly in a culture of diversity in people and thought, and in building andmaintainingbothabusinessandinvestmentculturethatfostersteamwork,acommitmenttoconInuouslearning,innovaIonandinsigh^ulsoluIons,andwelcomethoseideasfromeverysource.Matarin has three strategies funded by insItuIonal investors: small and large capcore, and a long/short equity hedge fund. These strategies are all based on the same coreinvestmentprocessanduIlizethesamebodyofexcessreturnforecasts.

The objecIve of Matarin Large Cap Core (LCC) is to provide an aUracIve return and riskrelaIonshipusingvalueaddedforecasIngmodelsandrigorousriskcontrols.TheLCCstrategyseekstodeliverannualizedexcessreturnsof1-3%andtrackingerrorof2-4%versustheS&P500,net,overa3-5yearhorizon.LCCemploysaboUom-upstockselecIonprocessdrawingfrom a universe of 600 large-cap equiIes. It generally holds 50 posiIons and is diversifiedacrosssectorsandindustries.Matarin'sproprietaryprocessrecognizesthatinefficienciesarisein themarketdue to investor greedand fear.We seek to idenIfy great fundamental ideasaboutwhatdrivesstockreturnsinthelongrunandapplytheminanunbiasedwayinordertotake advantage of dislocaIons as they arise. AddiIonally, we forecast what types ofinvestment decisionmakingwill bemost rewarded in the currentmarkets, andwe Ilt ourprocesstowardinputswhichweexpecttobemostsuccessful.




ManagerHighlights:

§  Long-Only§  SmallCapCore


§  FundAUM:$N/A


§  12.81%Ann.Return§  -5.21%YTDAnn.Return


OwnershipDiversity:

§  51+%Women

PrimaryContact:

MartaCoUon


(203)998-0484

[email protected]

MatarinNorthAmericaSmallCap

FIRMHISTORY&PROFILE


Page37 Long-Only

Matarin’sinvestmentteamhasdecadesofexperience,muchofitworkingtogetheratInvescopriortofoundingMatarin.Matarinis100%employeeownedandallfiveprincipalsofMatarinareinvestorsinboththemanagementcompanyandintheinvestmentstrategies.Employeesareinvestorsrightalongsideclientsandhaveasignificantvestedinterestinallaspectsofthefirm’ssuccess.TheFirmisSECregisteredandacerIfiedwomen-ownedbusiness.Itsprincipalsbelieve strongly in a culture of diversity in people and thought, and in building andmaintainingbothabusinessandinvestmentculturethatfostersteamwork,acommitmenttoconInuouslearning,innovaIonandinsigh^ulsoluIons,andwelcomethoseideasfromeverysource.Matarin has three strategies funded by insItuIonal investors: small and large capcore, and a long/short equity hedge fund. These strategies are all based on the same coreinvestmentprocessanduIlizethesamebodyofexcessreturnforecasts.

TheobjecIveofMatarinNorthAmericaSmallCap (NASC) is toprovideanaUracIve returnand risk relaIonship using value added forecasIng models and rigorous risk controls. TheNASCstrategyseekstodeliverannualizedexcessreturnsof4-6%andtrackingerrorof4-7%versus the Russell 2000, net, over a 3-5 year horizon. NASC employs a boUom-up stockselecIonprocessdrawingfromauniverseof1800small-capequiIes. Itgenerallyholds120posiIons and is diversified across sectors and industries. Matarin's proprietary processrecognizesthatinefficienciesariseinthemarketduetoinvestorgreedandfear.WeseektoidenIfygreat fundamental ideasaboutwhatdrives stock returns in the long runandapplytheminanunbiasedwayinordertotakeadvantageofdislocaIonsastheyarise.AddiIonally,weforecastwhattypesof investmentdecisionmakingwillbemostrewardedinthecurrentmarkets,andweIltourprocesstowardinputswhichweexpecttobemostsuccessful.



Dataasof:8April2016

ManagerHighlights:

§  Long-Only§  Emerging


§  FundAUM:$N/A

Performance:

§  -11.62%Ann.Return§  12.32%YTDAnn.Return

§  7.05%VolaIlity§  -9.23%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

§  50+%Women

PrimaryContact:

MachelAllen

President

(858)436-3030

[email protected]

FIRMHISTORY&PROFILE


Page38 Long-Only

METIS GLOBAL PARTNERS is an independent, employee- and woman/minority-owned firmlocatedinSanDiego,California.Wearededicatedtothemanagementofglobal,internaIonal,and emerging market equity porôlios, with strategies spanning the full range of large tomicro-capopportuniIes.ThefirmbelievesthattheconsistentapplicaIonofvaluaIondrivendecisionsthatstrivetobefreeofbehavioralbias isthemosteffecIvewaytocreatewealthfor its clients. MeIs Global Partners was formed in November, 2013 as a result of thequanItaIveinvestmentteamofBrandesInvestmentPartnersspinning-outtocreateastand-alone enIty focused solely on the systemaIc management of global and internaIonalporôlios.TheTeamaverages16yearsofindustryexperienceandisledby20yearindustryveteran and President and CIO, Machel Allen. MeIs enjoys a strategic partnership withBrandes Investment Partners covering back office, operaIons, trading, and researchcollaboraIon.

METIS EMERGINGMARKETSEQUITY generally invests inpublic equiIes in emergingmarketcountries with market capitalizaIons of $1.5 billion or greater. The Porôlio is managedacIvelyandmay invest in companieswithin someorallofAsia,Europe,CentralandSouthAmerica, Africa and theMiddle East. The Porôlio expects to invest in 75-125 issues. Ourprocess seeks to capture the best and avoid the worst of fundamental and quanItaIvestrategies. MeIs combines a deep fundamental knowledge of 60+ global industries to itspursuit of the value premium over a long-term horizon. We deploy this knowledgesystemaIcally to avoid the emoIonal decisions that oyen characterize fundamentalstrategies. All our porôlios take an acIve management approach and apply liberalconstraints to ensure that value is the driver of allocaIons in the porôlio. As a long terminvestor,expectedstockholdingperiodsfortheporôlioareonetofiveyears.

11988ElCaminoReal,Suite625SanDiego,CA,92130

UnitedStateswww.medsgp.com

MedsEmergingMarketsEquity


ManagerHighlights:

§  Long-Only§  Global


§  FundAUM:$N/A




OwnershipDiversity:

§  51+%Minority

§  50+%Women

PrimaryContact:

MachelAllen

President

(858)436-3030

[email protected]

FIRMHISTORY&PROFILE


Page39 Long-Only


METISGLOBALMICROCAPEQUITYgenerallyinvestsinpublicequiIesaroundtheworldwithmarketcapitalizaIonslessthan$500million.ThePorôlioismanagedacIvelyandmayinvestin companies across all sectors indeveloped, emerging, and fronIermarkets. ThePorôlioexpectstoinvestin250-350issues.Ourprocessseekstocapturethebestandavoidtheworstof fundamentalandquanItaIvestrategies.MeIscombinesadeepfundamentalknowledgeof 60+ global industries to its pursuit of the value premium over a long-term horizon.WedeploythisknowledgesystemaIcallytoavoidtheemoIonaldecisionsthatoyencharacterizefundamental strategies. All our porôlios take an acIve management approach and applyliberalconstraintstoensurethatvalue is thedriverofallocaIons intheporôlio.Asa longterminvestor,expectedstockholdingperiodsfortheporôlioareonetofiveyears.



MedsGlobalMicroCapEquity


ManagerHighlights:

§  Long-Only§  InternaIonal


§  FundAUM:$N/A



§  N/AVolaIlity§  3.62%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

§  50+%Women

PrimaryContact:

MachelAllen

President

(858)436-3030

[email protected]

MedsInternadonalEquity


FIRMHISTORY&PROFILE


Page40 Long-Only


METISINTERNATIONALEQUITYgenerallyinvestsinpublicequiIesaroundtheworldexcludingtheU.S.withmarketcapitalizaIonsof$1.5billionorgreater.ThePorôlioismanagedacIvelyandmayinvestincompaniesacrossallsectorsinallcountriesexcepttheUnitedStates.ThePorôlioexpectstoinvestin90-125issues.Ourprocessseekstocapturethebestandavoidtheworst of fundamental and quanItaIve strategies.MeIs combines a deep fundamentalknowledge of 60+ global industries to its pursuit of the value premium over a long-termhorizon.WedeploythisknowledgesystemaIcallytoavoidtheemoIonaldecisionsthatoyencharacterizefundamentalstrategies.AllourporôliostakeanacIvemanagementapproachandapplyliberalconstraintstoensurethatvalueisthedriverofallocaIonsintheporôlio.Asalongterminvestor,expectedstockholdingperiodsfortheporôlioareonetofiveyears.



ManagerHighlights:

§  Long-Only§  InternaIonal


§  FundAUM:$N/A



§  5.8%VolaIlity§  -0.10%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

§  50+%Women

PrimaryContact:

MachelAllen

President

(858)436-3030

[email protected]

MedsInternadonalSmallCapEquity


FIRMHISTORY&PROFILE


Page41 Long-Only


METIS InternaIonalSmallCAPEQUITYgenerally invests inpublicequiIesaroundtheworld,exceptintheUnitedStateswithmarketcapitalizaIonsbetween$250millionand1.5billion.ThePorôlioismanagedacIvelyandmayinvestincompaniesacrossallsectorsindeveloped,emerging,andfronIermarkets.ThePorôlioexpectstoinvestin150-175issues.Ourprocessseeks to capture the best and avoid theworst of fundamental and quanItaIve strategies.MeIscombinesadeepfundamentalknowledgeof60+global industriestoitspursuitofthevaluepremiumovera long-termhorizon.Wedeploy thisknowledgesystemaIcally toavoidtheemoIonaldecisionsthatoyencharacterizefundamentalstrategies.Allourporôliostakean acIve management approach and apply liberal constraints to ensure that value is thedriverofallocaIonsintheporôlio.Asalongterminvestor,expectedstockholdingperiodsfortheporôlioareonetofiveyears.



ManagerHighlights:

§  Long-Only§  CoreFixedIncomeandHighYield

Bonds


§  FundAUM:$N/A

Performance:



OwnershipDiversity:

§  51+%Minority

§  31-50%Women

PrimaryContact:

LorenzoNewsome,Jr.

ChiefInvestmentOfficer

(919)294-2028

[email protected]

NCMCapital


FIRMHISTORY&PROFILE


Page42 Long-Only

Foundedin1986byMaceoSloan,NCMCapitalhasdeeprootsastheoffspringofafamilyoffinancialservicescompanieswithhistorydaIngbackto1998.Withapproximately$500million undermanagement, as of June, 2014, for a wide range of insItuIonal clients –includingNaIonalEducaIonAssociaIon,CookCounty,ILandtheCityofBirmingham,AL.TheminorityfirmisbasedinDurham,NC.Ourfirm’sapproachto invesIngisbasedonacultureoffinancial riskmanagement.WeconcentrateonriskmiIgaIon,riskcontrolandmanagingporôliosinadiversifiedrisk-adjustedframework.NCMCapitalhasadisciplinedmulI-scenario and stress tested process that has a broad and diversified collecIon ofsecuriIes;thusdownsideriskislimited.Ourstrategyaddsvaluebyfocusingonlong-termtrendandeconomicdirecIon.WeconsidersectorselecIontobeourprimaryperformancedriver.NCMCapitalisnimbleenoughtotakeadvantageofbondmarketinefficiencies.

ThehighyieldstrategyisanacIvelymanagedbondporôliothatinvestsprimarilyintheupperIerof thebelow investmentgrade securiIes. Inefficiencies in thehighyieldbondmarket create the opportunity to achieve porôlio returns greater than those of aninvestmentgradecorporatebondporôlio,whileat thesameImecontrolling risk toanacceptable level. The strategy uIlizes a porôlio construcIon and investment selecIonprocess that relies on value idenIficaIon, downside protecIon through intensive creditanalysis and diversificaIon. Our firm’s approach to invesIng is based on a culture offinancial riskmanagement.WeconcentrateonriskmiIgaIon, riskcontrolandmanagingporôlios in a diversified risk-adjusted framework. NCM Capital has a disciplinedmulI-scenarioandstresstestedprocessthathasabroadanddiversifiedcollecIonofsecuriIes;thus,limiIngdownsiderisk.

2634DurhamChapelHillBlvd.Suite206Durham,NC,27707

UnitedStateswww.ncmcapital.com

ManagerHighlights:



§  FundAUM:$N/A




OwnershipDiversity:

§  51+%Minority

PrimaryContact:

CarloUaJ.Oliver

ManagingDirector

(301)650-0059

coliver@profiûnds.com

ProfitInvestments


FIRMHISTORY&PROFILE


Page43 Long-Only

ProfitInvestmentswasfoundedinAprilof1996tomanagegrowthporôliosforinsItuIonalclients; iniIally registered with the SEC in July 29, 1996. As of September 30, 2013, ProfitInvestments manages approximately USD $2.1B for insItuIonal clients invesIng in U.S.equiIes. Profit is an African American owned firm and we are cerIfied in Maryland as aMinority Business Enterprise. Eugene A. Profit, who founded the firm, is the leadingshareholderandisresponsiblefortheoveralloperaIonsofthefirm.Mr.Profithasbeentheporôlio manager of the Profit Equity porôlios since its incepIon date and there are nopredecessorfirms.

ProfitInvestmentsStyleprocesscapitalizesonthefactthat,ayeroneadjustsformarketandindustry group influences and temporary market effects, successful stocks share commoncharacterisIcs.Profit Investmentsbuysasecuritywhen1)thevaluaIon is lowcomparedtothe earnings growth of the stock and 2) a raIonale for the stockmarketmispricing of thesecuritycanbeidenIfiedandcorrected.Thefirm’s internal research isdone inahighlydisciplined, fundamentalboUom-upprocess.We combine fundamental market knowledge with technology to idenIfy stocks with thecharacterisIcsthatdriveequityreturns.Usingour in-houseproprietaryscreeningmodel,weareabletoscreenefficientlyacrosstheover 9,500 securiIes trading on the U.S. stock exchanges andmake aworkable list of thecompanieswithwhichwewouldliketohavemorefamiliarity.

7500OldGeorgetownRoad,Suite700Bethesda,MD20814

UnitedStateswww.profieunds.com

ManagerHighlights:


§  HedgeFunds/Long-OnlyMulI-Asset


§  FundAUM:$N/A


§  N/A%Ann.Return§  N/A%YTDAnn.Return

§  N/AVolaIlity§  BenchmarkN/A%

OwnershipDiversity:

§  51+%Minority

§  31-50%Women

PrimaryContact:

MarcusAlexis

Sr.VP,MarkeIngandClientService

(415)512-3480

ProgressInvestmentManagementCompany,LLC


FIRMHISTORY&PROFILE


Page44 Long-Only

ProgressInvestmentManagementCompanyLLCisaleadingmanagerofemergingmanagers.Progressoffersdiversifiedlong-onlymulI-managerinvestmentstrategiesinequiIesandfixedincome -- U. S., global and non-U. S. The firm also offers customized emerging equity andcredithedgefundstrategies.FoundedinJune1990,Progressis100%employee-ownedandacerIfied MWBE SEC-registered investment advisor. As of December 331, 2013, Progressmanages over $8.4 billion in assets for a blue-chip list of thirty public, corporate andfoundaIoninsItuIonalinvestors.

ProgressoffersmulI-managerdiversified investmentstrategies--U.S.,globalandnon-U.S.equiIes and fixed income. We also have customized mulI-asset class strategies featuringemerginghedgefunds.Progress funded sub-managers are independent bouIque "emerging" and/orMWBE firms.Progressfunds70managersonitsmulI-managerpla^orm.Progresshasover1200managersofferingover2,000investmentstrategiesinthefirm'sproprietarydatabase.Progress has a disciplined six-step mulI-manager investment process including extensiveglobalemergingmanagersourcing,research,andselecIon;por^olioconstrucIon;acIvedailymonitoring and risk control to monitor compliance with client guidelines, etc.; emergingmanagerassistancetomanagebusinessrisksandfirmgrowth;andacIvere-balancing.Akeyfeatureofthefirm'svalue-addiscreaIngaddiIonalcapacityandcoachingemergingfirmstodirecthirewithProgressclients.

33NewMontgomerySt.,Suite1900SanFrancisco,CA94105

UnitedStateswww.progressinvestment.com

ManagerHighlights:

§  Long-Only§  MulICap


§  FundAUM:$N/A



§  N/AVolaIlity§  Benchmark18.26%

OwnershipDiversity:

§  51+%Black

PrimaryContact:

RobertM.ReganJr.

President

(952)473-1080

[email protected]

ReganFocusedEquityPoreolio


FIRMHISTORY&PROFILE


Page45 Long-Only

Regan Investmentswas founded inMinneapolis,MN in 2002 by RobertM. Regan Jr.Prior to forming thefirm,Mr.Reganheldporôliomanagementand researchanalystposiIonswithMerrillLynchandThomsonFinancial.Thefirmis95%minorityand100%employee owned and operated and our people have over 75 years combinedexperiencemanagingporôliosforindividualsandinsItuIons.Thefirmoperateshedgefundandequitystrategieswithintheframeworkofseparateaccounts.Theinvestmentteam is focused on teamwork and transparency and has mulIple decades worth ofindustryexperienceinvesIngacrossmarketsandeconomiccycles.

The Regan Investments Focused Equity Porôlio is a long only stock porôlio thatincorporatesthebeststock ideasofthethreemanagersthatco-managetheporôlio.Themanagerseachmanage1/3oftheporôlioand looktoachievereturnsthatbeattheS&P500.Theporôlio isstructuredsothata15%porIoncanbeusedforforeignstocks.InaddiIon,theporôliowilluIlizemulI-capselecIonsandwilluIlizeETFsforbroad based sector and country themes. The porôlio will consist of roughly 35posiIons each in 2%or 4% sizes (1%driy)with quarterly rebalancing. Top-down andboUom-upselecIonmethodsareuIlizedwithaUenIonpaidtobothfundamentalandtechnicalresearch.

1600UdcaAvenueSouth,#460Minneapolis,MN55416

UnitedStateswww.reganinv.com

ManagerHighlights:



§  FundAUM:$N/A



§  9.4%VolaIlity§  Benchmark0.74%

OwnershipDiversity:

§  51+%Women

PrimaryContact:

ToddS.Jessup,CFA

DirectorofInsItuIonalMarkeIng

(503)731-7308

[email protected]

VisionCapitalLargeCapGrowthEquity

Dataasof:31ofMarch2016

FIRMHISTORY&PROFILE


Page46 Long-Only

VisionCapitalManagement,Inc. isanSECregisteredinvestmentadvisorlocatedinPortland,OR. Vision was originally founded in 1999 to serve the wealth management needs ofindividuals and their families. Vision began to offer its Large-Cap Growth strategy to theinsItuIonal investmentcommunity in2010.Beginningwith3 individualsandapproximately$70millionundermanagement,todayVisionCapitalhas10employeesandmanagesover$1billion for Public Funds, CorporaIons, FoundaIons & Endowments, Tay-Hartley funds andHNWindividuals.Visionis100%employeeownedand95%femaleowned.

TheVisionTeambelievesstronglythatsuperiorlong-terminvestmentresultscanbeachievedbyholdingarelaIvelyconcentratedporôliooflarge-capstockswhichpossesstheabilitytogeneratelong-termsustainablegrowth,haveexcepIonalbusinessmodelsandarepurchasedat reasonable valuaIons. The team performs independent research to acquire greatcompanies at aUracIve prices and sell them, without emoIon, when prices exceed ourperceivedintrinsicvalue.PorôliosremainfullyinvestedatallImes(upto5%fricIonalcash).The investment process combines both quanItaIve and qualitaIve analysis. The teammaintainsamacroeconomicviewinordertobeUerunderstandthefactorsthatmayimpactcurrentandprospecIveholdings.Themacroeconomicviewhelpsestablishsectorweightsandthe risk posiIoning of the porôlio. Stock selecIon is then driven by detailed fundamentalanalysisofeachcompany.

1SWColumbiaStreet,Suite915Portland,OR97258

UnitedStateswww.vcmi.net

ManagerHighlights:

§  Long-Only§  SmallGrowth


§  FundAUM:$N/A



§  13.83%VolaIlity§  Benchmark-4.05%

OwnershipDiversity:

§  51+%Women

PrimaryContact:

ToddS.Jessup,CFA

DirectorofInsItuIonalMarkeIng

(503)731-7308

[email protected]

VisionCapitalSmallCapGrowthEquity


FIRMHISTORY&PROFILE


Page47 Long-Only

VisionCapitalManagement,Inc. isanSECregisteredinvestmentadvisorlocatedinPortland,OR. Vision was originally founded in 1999 to serve the wealth management needs ofindividuals and their families. Vision began to offer its Large-Cap Growth strategy to theinsItuIonal investmentcommunity in2010.Beginningwith3 individualsandapproximately$70millionundermanagement,todayVisionCapitalhas10employeesandmanagesover$1billion for Public Funds, CorporaIons, FoundaIons & Endowments, Tay-Hartley funds andHNWindividuals.Visionis100%employeeownedand95%femaleowned.

TheVisionteambelievesstronglythatsuperiorlong-terminvestmentresultscanbeachievedbyholdingarelaIvelyconcentratedporôlioofsmallcapstockswhichpossesstheabilitytogeneratelong-termsustainablegrowth,haveexcepIonalbusinessmodelsandarepurchasedatreasonablevaluaIons.TheinvestmentprocesscombinesbothquanItaIveandqualitaIveanalysis.TheteammaintainsamacroeconomicviewinordertobeUerunderstandthefactorsthatmay impactcurrentandprospecIveholdings.Themacroeconomicviewhelpsestablishsector weights and the risk posiIoning of the porôlio. Stock selecIon is then driven bydetailedfundamentalanalysisofeachcompany.InvestmentsaremadewithconvicIonsotheporôlioisrelaIvelyconcentratedholding50to60stockswithiniIalposiIonssizesof1%lessproven business models and 2% more proven models. The porôlio will maintain sectorweightsthatareupto+/-10%oftheindexandremainfullyinvested.

1SWColumbiaStreet,Suite915Portland,OR97258

UnitedStateswww.vcmi.net

RealAssets

InvestmentManagers

ManagerHighlights:

§  RealAssets§  OpportunisIc

§  FirmAUM:$N/A

§  FundAUM:$N/A


§  N/A%GrossIRR§  $N/AMMCapitalCommiUed

§  N/AAvg.GrossRealizaIonMulIple

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

MontanaRathe

VicePresident

(212)561-2844

[email protected]

CogsvilleCapitalPartnersFundILP

Dataasof:N/A

461FiWhAvenue,12thFloorNewYork,NY10017

UnitedStateswww.cogsvillegroup.com

FIRMHISTORY&PROFILE


Page49 RealAssets

TheCogsvilleGroup(“TCG”) isaNewYorkbased,privateequityrealestate investmentfirmfoundedin2007.TCGlauncheditsfirstfund,CogsvilleCapitalPartnersFundI(“CCPFundI”),topursuedistressedrealestatetransacIons.CCPFundIisinvestedin$3billionofdistressedcommercialandresidenIalrealestate,represenIngover4,000assetsin49states.Thefirm’sassetmanagementexperienceandfinancialstrengthhavebeenrecognizedbythefederal government’s rigorous evaluaIonprocess throughnumerous transacIons.Over thepast threeyears, thefirmhasbidonmore than$10billionofdistressedassetswithoveradozeninsItuIonaloperatorsandinvestors.Thefirm’s currentpor^olio comprises single family rental, residenIal, retail, lodging,office,mulIfamily, land, industrialandspecialpurposeproperIes,givingTCGexperienceacrossallassetclasses.

TCG managed real estate investment fund focused on the acquisiIon of distressedcommercialrealestatedebtandsinglefamilyrentalproperIes.

PrivateEquity

InvestmentManagers

ManagerHighlights:

§  PrivateEquity§  DirectLending



§  $750MMCapitalCommiUed

§  N/AGrossIRR§  $2,000MMTargetFundSize

§  N/A%BenchmarkReturn

OwnershipDiversity:

§  Minority51+%

§  Black

PrimaryContact:

MelodyRollins

HeadofClientService/BusinessDev

(212)259-6612

[email protected]

BrightwoodCapitalAdvisors,LLC

Dataasof:8April2016

810SeventhAve,26thFloorNewYork,NY10019

UnitedStateswww.brightwoodlp.com

FIRMHISTORY&PROFILE


Page51 PrivateEquity

Brightwood Capital Advisors, LLC provides debt and equity capital soluIons to US basedcompanieswithEBITDAof$5millionto$75million.Since2010,wehavespecializedincreaIngandmanagingprivateinvestmentfundsonbehalfofinsItuIonsandhighnetworthindividuals,generaIng net realized returns across all three funds of 15% (as of 12/31/15). BrightwoodfocusesonsixindustryverIcals:businessservices,healthcareservices,transportaIon&logisIcs,franchising, energy, and technology& telecom.Our compeIIve edge can be characterized byfivekeycharacterisIcs:1)experienceofinvestmentteam,(2)trackrecord,(3)relaIonship-driveninvestment process, 4) sourcing and structuring of investments, and (5) alignment of interestsbetweenGPandLP.Withover$2billioninassetsundermanagement,75porôlioinvestments,and45employees,weareoneoftheleadingdirectlendingandlowermiddlemarketplaôrmsofourkind.

BrightwoodCapitalFundIVintendstoinvestprimarilyinsecuredloansofU.S.smallandmediumsized businesses. Target companies will have capital needs of $10 million to $50 million fororganicgrowth,acquisiIons,recapitalizaIonsandmanagementbuyouts.TheFund’sfocuswillbeonbusinesseswithEBITDAof$25millionto$75million,revenueof$20millionto$250million,ademonstrated track record, and operaIng profitability. Brightwood pursues the followingstrategiesinordertoachieveitsinvestmentobjecIve:•TargetmiddlemarketprivatecompaniesunderservedbytradiIonalcapitalsources;•DirectlyoriginateopportuniIesthroughproprietaryinvestmentplaôrmratherthanrelyingonmainstreambroker/dealerchannel;•CaptureoriginaIonfeesandotherfeeincometoincreasetotalreturn;•ConcentratecapitalinsecuredtermloanstogeneratecurrentincomewithstrongdownsideprotecIon;and,•Limitsinglenameholdingsto$50million.

ManagerHighlights:

§  PrivateEquity§  VentureCapital

§  FirmAUM:$70MM

§  FundAUM:$N/A


§  22%GrossIRR§  $32MMCapitalCommiUed

§  N/AAvg.GrossRealizaIonMulIple

§  $150MMTargetFundSize

§  15%BenchmarkReturn

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

StephenDeBerry

ManagingPartner

(415)946-3070

[email protected]

BronzeDomesdcSocialImpactFund

Dataasof:15Aug2013

543HowardStreet,4thFloorSanFrancisco,CA,94105

UnitedStates

FIRMHISTORY&PROFILE



Bronze Investments is a four yearold investmentmanagementfirmbased in SiliconValley.ThefirmwasstartedbyStephenDeBerry,African-Americanfounderwitha20+yearhistoryofworkingwithsomeofthemostsignificantinnovatorsinthetechnologymarket(Microsoyco-founder, Paul Allen; eBay founder, Pierre Omidyar; and Lotus Development CorporaIonfounderMItch Kapor). Ayer a successful career as an operaIng execuIve and professionalinvestordirecttechnology investmentsDeBerrystartedBronzeInvestmentswiththegoalofpioneering the use of commercial strategies and tacIcs to support and enhance the socialimpactoutcomesthatmuchofphilanthropyhasbeenfocusedonwithgrantcapital.

ThefirmalsoleveragesitsnetworksandexperIseintechnologytohelpfoundersidenIfyandaddress some of themost pressing challenges of our Ime. The firm hasworked in health,food,educaIon,energyandenergyefficiencyandfinancialservices,amongothercategories.

TheBronzeDomesIcImpactFundisadomesIcUSventurecapitalfundthatseekstodeliversuperiorventurereturnsby invesIng inearlystagetechnologycompaniesbuildingproductsandservicesthatdeliverbothstrongfinancialperformanceandposiIvesocialimpact.

ManagerHighlights:

§  PrivateEquity§  FundofFunds


§  FundAUM:$N/A


§  N/A%GrossIRR§  $N/AMMCapitalCommiUed

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

WaleAdeosun

FounderandCIO

(212)792-9680

[email protected]

500FiWhAvenue,44thFloorNewYork,NY10110

UnitedStateswww.kuramocapital.com

FIRMHISTORY&PROFILE



KuramoCapitalManagement,LLCisanindependentinvestmentmanagementfirmstartedin2011 with offices in New York City, Lagos, Nigeria and Nairobi, Kenya. Kuramo CapitalManagementisthegeneralpartneroftheKuramoAfricaOpportunityFundthatisfocusedoncapturing the sub-Saharan Africa growth opportunity for insItuIonal investors such asfoundaIons, endowments and pension plans and has invested over $100million in privateequityinsub-SaharanAfrica.KuramoCapitalhasanexperiencedteamofAfricaninvestmentprofessionalsinpriorleadershipposiIonsatleadinginsItuIonswithastrongtrackrecordininvestment management, research, asset allocaIon, and manager selecIon across assetclasses.KuramoCapital'sinvestmentsareguidedbythecombinaIonoftheglobalinvestmentexperience of its partners, early commitment to investments in Africa and strong localnetworksinAfrica.

KuramoAfricaOpportunity Fund (KAOF) is the primary vehicle provided by KuramoCapitalManagement for capturing the sub-Saharan Africa growth opportunity. KAOF is a mulI-manager andmulI-asset class vehicle ofmostly private investments focusedon generaIngaUracIverisk-adjustedreturnsforitstrategicpartners.Kuramoalsooffersseparateaccountsgearedtowardaspecificassetclass,primarilyprivateequityforitsstrategicpartners.Finally,Kuramoprovidesco-investmentopportuniIestoitsstrategicpartnersacrossassetclasses.

KuramoAfricaOpportunityFund


ManagerHighlights:

§  PrivateEquity§  Other

§  FirmAUM:$5MM

§  TargetFundAUM:$350


§  N/A%GrossIRR§  $50MMCapitalCommiUed

OwnershipDiversity:

§  51+%Minority

PrimaryContact:

MaggieArvedlund

ManagingPartner

(646)[email protected]

960MadisonAvenueNewYork,NY10021

UnitedStates

FIRMHISTORY&PROFILE



TurningRockPartners(“TurningRock”orthe“Firm”)isaprincipalinvestmentfirmfoundedin2015.TheTurningRockPartnersteamisledbyahighlypedigreedandexperiencedgroupofinvestment professionals who most recently held senior roles at the Fortress InvestmentGroup, a global alternaIve investment firm with over $70 Billion of Assets UnderManagement.TurningRockwas founded in2016byMaggieArvedlund,a formerManagingDirectorattheFortressInvestmentGroup.ArvedlundhasoverfiyeenyearsofexperienceasaprincipalinvestorinalternaIveinvestments.SheisjoinedbyDavidMarkus,formerManagingDirectorat theFortress InvestmentGroup,andseasoned investmentprofessionalwithover25yearsexperience indistresseddebtandcreditmarkets.TurningRock ismajority female-ownedandisbasedinNewYork,NY.TheFirmcurrentlyhas4investmentprofessionalsand2operaIonalprofessionals.

TurningRockPartnersseekstotakeadvantageofwhatweseeasacompellinginvestmentarea.Thereisagrowingsupplyofhighqualityorphanedassetsforsaledrivenbyachallengingmacroeconomicenvironment,ongoingvolaIlity,bankdeleveragingandincreasedcomplexity.TheseassetsarisefromsituaIonaldistressandtendtobesmallerinsize(<$50MFV),havedefinablecashflowsandofferdownsidecoverage.OurinvestmentstrategyseekstoexploitthevoidthathasbeencreatedbythecurrentregulatoryenvironmentasbanksandotherinsItuIonshavesteppedawayfromacquiringandlendingagainstmoreilliquidassets.Asthenaturalholdershaveretrenched,abuyingopportunityexistsandwillpersistforsomeIme.Atpresent,wearetalkingtoahandfulofinvestorsforanchorinvestmentdialoguesatpreferredfees.Target$350M(1.5%investedand20%over8%).Termsinclude3yearinvestmentperiodand7yearterm.

TurningRockPartnersGP,LLC

Dataasof:30June2016

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