Like all AlphaClone strategies, AlphaClone Select derives its holdings from institutional investor public disclosures. Portfolio holdings are selected from disclosures of managers in the AlphaClone universe who have exhibited the highest return persistence when followed based on their disclosures. AlphaClone Select seeks to invest in a concentrated portfolio of up to 30 US-exchange traded equity securities including ETFs and ADRs. The strategy is intended for investors with moderate to aggressive capital appreciation investment objectives. To manage overall volatility, AlphaClone Select employs a dynamic hedging approach that seeks to maintain a long only posture in generally rising markets and a 50/50 long/short posture in generally declining markets. Holdings are rebalanced quarterly. This strategy is currently available in separately managed accounts only. Management Fee: 1% - 1.5%. AUM is currently not disclosed.