FDO Partners, LLC (Global

Quant. Currency)

Fund Investment Objectives

This strategy takes approximately two-thirds of the risk from the Emerging Strategy and combines it with one-third of risk from the Developed Markets Strategy. The Developed Markets Strategy is a quantitative process where the underlying econometric model gives more weight to the measure of institutional currency, equity and fixed income flows. Such data yields enhanced performance, and in addition it renders the strategy relatively uncorrelated with other, traditional developed-market strategies, such as those based on momentum and interest carry. The Global Markets Strategy takes long and short positions in a diversified group of emerging markets and developed markets currencies and may have positions in 35 to 40 currencies at any one time. AUM reflects firm assets.