PanAgora Diversified Risk

Multi Asset Fund Ltd

Fund Investment Objectives

The PanAgora Diversified Risk Multi Asset Fund strategy is 100% long and does not use short positions. Members of the investment team both participate in rebalance meetings as well as trade the broad range of instruments that are utilized to obtain exposure for the Diversified Risk Multi Asset strategy. Traded instruments can include, but are not necessarily limited to bond futures, commodity futures, developed and emerging market equities, ETFs, sovereign bonds, credit bonds, inflation linked bonds, and swaps. PanAgora utilizes the Charles River Development (CRD) order management system, as well as a variety of electronic trade execution solutions to reduce operational risk and enhance execution across the multiple asset classes. They also apply a proprietary approach to active management called Dynamic Risk Allocation to further enhance the strategy's expected return. The investment team is responsible for rebalancing and trading the Diversified Risk Multi Asset portfolios. While rebalancing typically occurs on a monthly frequency, portfolio positions and weights are monitored on a daily basis and market movement can trigger more frequent rebalancing. Actual inception date is May 8,2012