Selection

The Funds are selected by the Investment Manager. The selections are made on the basis of a Fund Manager's established reputation, sound business organisation, potential to deliver continuous superior returns and compliance with the qualitative and quantitative criteria set by the Investment Manager. The due diligence process focuses mainly on the following considerations:

• a precise understanding of the Fund Manager's strategy and style;
  
• the Fund Manager's business structure, organisation and retention of key personnel;
  
• the Fund Manager's risk management procedures;
  
• the extent to which a Fund can borrow and the availability of finance to the Fund Manager;
  
• liquidity of the underlying Fund investments;
  
• the Fund Manager's assets under management, their recent development and the commitment of the principals to the business of the Fund Manager;
  
• the correlation of a Fund to the other Funds in which the assets of ALTIN are invested and to the overall portfolio;
• the historical performance of the Fund Manager in relation to investment style, expected returns, benchmarks and degree of risks; and
• the independence of the Fund administrator, where applicable.

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Investment

The Investment Manager takes investment decisions and allocates the assets of ALTIN in accordance with the company's Investment Guidelines, also making sure to comply with applicable investment restricitions.

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Monitoring

The Funds in which the assets of ALTIN are invested are closely monitored by the Investment Manager. The monitoring process aims to highlight:

• changes in the Fund Manager's strategy and style;
• changes in the Fund Manager's structure and organisation;
• deviation of a Fund from returns of other funds of the Fund Manager's peer group;
• major deviations of a Fund from historical returns of other Funds; and
• comparisons of the Fund Manager's performance vis-à-vis the underlying investments.

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