Cambridge Associates

Due to the diversity and size of our private client base, we have experience advising on a broad range of investment issues that are unique to these investors. While we carefully customize our advice to reflect the needs and objectives of each private client, we have worked with family members, managers, legal counsel, and tax advisors on investment planning issues such as: - Refining a “tax aware” investment planning approach. - Analyzing pre-tax and after-tax returns for various asset classes as well as the benefits and risks of various investment strategies with respect to taxes. - Creating and improving diversified portfolios aimed at generating increased returns and lower volatility. - Developing strategies for large, single security and asset block holdings. - Implementing investment objectives, policies, and asset allocations for complex trust structures. - Establishing distribution policies and strategies that can support the needs of more than one generation. - Selecting and evaluating investment managers for virtually all traditional and alternative asset classes, including inflation hedging assets.

Cambridge Associates’ core services are investment consulting and its supporting functions including research services, and performance measurement. We work with each client to formulate and maintain a long-term asset allocation strategy that meets its investment objectives, risk tolerance, and financial goals. This process focuses on setting investment objectives and policies, allocating funds among asset classes; choosing a manager structure; selecting investment managers; and evaluating custody, cash management, investment education, generational wealth transfer, and other services. For those clients who seek comprehensive oversight of all or part of their portfolio, we offer advisory or outsourcing services. Depending on the client’s needs, we can serve in the capacity of a professional investment staff or family office or we can operate as an extension of an existing staff. Our performance monitoring service provides investors with the information they need to maintain close supervision of the portfolio as a whole, of the asset classes represented in the portfolio, and of each investment manager. Our reporting capabilities are underpinned by our proprietary manager databases. The firm also provides fiduciary trust services and can act as sole trustee, co-trustee, or successor trustee.

Our investment philosophy emphasizes the benefits of diversification. We believe that by diversifying across a number of dimensions, an investor is better able to maintain a consistent pattern of long-term returns. More specifically, we believe that: - Investors must balance distributions between current and future generations in order to preserve purchasing power in perpetuity. - A high equity allocation is usually necessary to achieve capital appreciation and meet distribution requirements. - Broad diversification mitigates the risk inherent in a high equity allocation. - Fixed income can capitalize on tax-efficient strategies and maintain liquidity during prolonged periods of economic contraction or deflation. - Hard assets can serve as a hedge against unexpected inflation. - Modest tactical underweights or overweights may be beneficial, but large shifts of allocation should be avoided. - Periodic rebalancing helps control risk, but must be done in the context of the total portfolio strategy, costs, and tax implications. - A disciplined, long-term investment strategy should focus on economic factors while being mindful of tax considerations. - Hiring and firing managers requires discipline and a long-term perspective. - Investment oversight, governance, and policies need to be reviewed periodically.

Our mission is to help private investors and institutions around the world meet or exceed their investment objectives by providing proactive, unbiased advice that is grounded in intensive and independent research. Cambridge Associates was founded on this principle more than 35 years ago, and we have remained diligently committed to its practice ever since.

Consulting teams lead client relationships. Teams are tailored to the size and complexity of each client portfolio and can range from 4 to 12 team members. Typically, client teams have two primary generalist consultants as well as consulting analysts, performance analysts, and hedge fund and/or private investments specialists. Additionally, an administrative support professional is assigned to the team to ease the burden of administrative work. The members of the client teams utilize all resources of the firm to provide investment advice to their clients.

Our clients are highly diverse in terms of type, asset size, and many other respects. Clients typically have more than $100 million in assets and are interested in a sophisticated investment approach as well as investment education. Cambridge Associates has been helping private investors meet or exceed their investment objectives since 1982. Today, we serve nearly 200 families and high-net-worth individuals. Due to the diversity and size of our private clients, we have experience advising on a broad range of investment issues that are unique to these investors. We carefully customize our advice to reflect the needs and objectives of each private client. Our long history in advising private investors has enabled us to amass a wealth of peer group data that benefits all of our clients.

- Customized Recommendations and Service Approach. We believe that our most salient differentiator is our independence from investment management firms we recommend. Our independence gives us the freedom to provide advice that is motivated only by an individual client’s best interests; we never use model portfolios or other standardized solutions in our consulting work. In addition, we strive to customize each service arrangement to reflect a client’s needs, resources, and expectations for the consulting relationship. - Alternative Assets Expertise. We have a deep knowledge of alternative assets that we have been developing and refining since our inception. Our extensive experience in this area includes working with some of the earliest and most sophisticated investors in venture capital, hedge funds, and other alternative asset classes. - Global Research Resources and Deep Manager Due Diligence. We have more than 200 professionals exclusively dedicated to research. This staff is based in eight offices located across four continents, bringing a global perspective to our research and consulting work.

The frequency with which we meet with clients depends on their specific needs, preferences, and expectations for the relationship. We serve as a resource that clients can access as often as needed and we review client portfolios on a day-to-day basis. Additionally, we have a variety of opportunities for clients to interact with our firm and peers. We hold client conferences, roundtable discussion, and webinars.

We host a variety of formal and informal conferences and educational forums for our clients. The subject matter of these events is based on the current market environment and topics requested by our clients. We also host an annual global investment workshop, which all clients are invited to attend, and a periodic “roundtable”, where private investors can share investment-related insights and information. To enable our clients to directly benefit from our vast research effort, we publish approximately 100 proprietary research reports each year. We also publish periodic reports on historical capital market returns and valuations. In addition, we issue ad hoc reports on topics that are directly motivated by our clients’ interests, needs, and requests. Customized individual educational sessions are available to all of our advisory clients and are arranged on an as needed basis.

We believe that we have developed a deep and rich knowledge of alternative assets. For over three decades, we have advised a wide variety of investors, including some of the earliest investors in venture capital and other alternative asset classes. Today, we have approximately 200 professionals who are dedicated to providing research, advice, and performance measurement services for our clients’ alternative investments. We typically advise our clients to maintain some allocation to alternative assets in order to enhance returns as well as to provide diversification. While alternative investments might be thought of as risky on a stand-alone basis, their combination of attractive return expectations and low correlation to traditional assets can actually enhance long-term returns while mitigating overall portfolio volatility. We believe that investing in alternative assets with clear investment objectives, and in the appropriate funds, ultimately brings many benefits to a portfolio.