The Heritage Alternative Investments team is one of the pioneers in the hedge fund industry. Our aim is to generate stable performances that are in the long run above the returns of traditional asset classes.

The first objective of our investment process and of our use of the alternative universe is capital preservation.

The second objective is to generate consistent and uncorrelated returns.

In order to achieve our goals, we concentrate our efforts on three areas:

• Our evaluation of the macroeconomic environment is used to combine and weigh the different investment strategies available in the hedge fund universe.

• The due diligence analysis and selection of the best talents in the industry translates our macroeconomic views and objectives for each strategy.

• Our risk management tools are used to:

minimize the correlation among the different managers composing our portfolios as well as the risks of blow-up and drawdown at the portfolio level.

maximize the risk-return ratio of each manager and each portfolio.

Our due diligence analysis, our risk controls as well as our macroeconomic and strategic analysis are the result of a continuous process that is confronted and approved on a consensus basis during our monthly investment committees.