Endurance aims to preserve capital and generate an attractive risk-adjusted return with significantly less volatility than the S&P 500. There is a constant dialogue among the team about market events and manager-specific issues. Macro and micro considerations are taken into account during allocation discussions. Analysis of market events and secular and cyclical trends lay the groundwork for accessing exposure and risk. When a particular strategy is earmarked as a profitable place to invest, we initiate a rigorous bottom-up due diligence process. We conduct an in-depth review of several managers within a strategy. Due diligence includes evaluation of a manager's background, the relevant fund documents and terms, an on-site assessment of back office and front office operations, reference checks, background checks and statistical analysis of the fund and the impact its addition would have on the portfolio. Manager research is an ongoing priority at Endurance. After investing in a manager, we monitor performance and maintain a dialogue on a regular basis. Investment decisions are made with the intention of holding positions over a multi-year period. However, we will exit a fund at the soonest available time if we decide there is style drift or performance inconsistent with the manager's representations.