Wolver Hill / Rogers IA are bottom-up hedge fund pickers who seek to exploit our local and historical presence in Japan. We leverage our 100+ years experience in Japanese foreign exchange, equities, hedge funds and Tier 1 investment banks to identify promising hedge fund investment opportunities. Portfolio construction is a bottom-up approach focused on finding the best-of-breed within the available strategies in the Japanese space. A top down overlay focuses on identifying managers with uncorrelated returns. In general, we do not try to time the market and do not have any structural bias toward particular trading strategies. However, we may lean our portfolio weightings toward specific exposures when market conditions warrant. Top-down hedging (besides FX) and use of leverage to enhance returns are explicitly prohibited in our Offering Memorandum. The philosophy is that delivery of superior risk-adjusted returns while maintaining capital preservation can best be achieved by: (1) Accurately assessing the risks of individual hedge funds along multiple dimensions, (2) Understanding the incremental risk and returns an individual hedge fund adds in the context of the portfolio, and (3) Receiving positive and negative performance signals as early as possible to facilitate timely changes in portfolio composition. AUM from May 2013 on is firm AUM.