Abiquiu

Long/Short Class A

Fund Investment Objectives

The Fund focuses on seeking superior risk adjusted returns by capitalizing on inefficiencies of highly liquid stocks against their industry peers. The model also seeks to take advantage of short-term price anomalies between sectors and the broad market as well as market factor inefficiencies. The systematic strategy utilizes trading signals, which are maximized using a proprietary portfolio optimizer. Within the optimizer, sector, stock, volatility and factor exposures are strictly enforced while maximizing risk adjusted returns. The portfolio is dollar neutral, but will have short-term exposures to various market factors. Portfolio beta is constrained to fall within -0.2 and 0.2. The US Long/Short strategy track record was formerly known as Anasazi Systematic Long Short A, Ltd with the inception as August 1, 2007 through September 30, 2009 and is available upon request. From August 2007 through July 2008, the Fund's strategy was 300/200 long-short. Effective August 1, 2008, the strategy evolved to 300/300 dollar neutral. The Offshore Fund's investors and assets moved to the Onshore Fund effective October 1, 2009. No other client accounts managed by Santa Fe utilized the investment strategy during the period depicted.