FEBRUARY 2019 - H2 2018 Investment Committee Meeting

We feel our approach to finding the best solutions for our clients while operating on both sides of the balance sheet (assets and liabilities) was vindicated. We continue to be positive on risk assets maintaining diversification across asset classes, sectors and geographies. Our focus remains on suitable idiosyncratic opportunities with low correlation to traditional asset classes while remaining vigilant on liquidity which can be as important as market direction. As we look at our portfolios, we feel quite confident of our dynamic positioning which can be quickly adapted to changing market conditions.

The above is not intended to be Investment Advice and should not be understood as such. All investments carry risk and you may get back less than you originally invested.