Pan Reliance Investment Process

There are four elements to our investment process:

Strategy Allocation:       

We do not attempt to time markets, but instead select the hedge fund strategies most likely to 

prosper in the prevailing environment.  This provides a framework in which our Manager Selection 

decisions are made.          

Manager Selection:

We identify the managers who can best exploit the opportunities identified at the Strategy Allocation 

stage.  Our analysis focuses on finding those managers with an enduring competitive edge.

Portfolio Construction:

The Investment Committee constructs portfolios to achieve return objectives with acceptable levels 
of volatility, liquidity and correlation to markets.

Risk Management and Monitoring:         

This takes place at both the portfolio and hedge fund level.  We apply both qualitative and quantitative

 disciplines to achieve performance objectives without taking inappropriate risk.