Portfolios

Process: Large Capitalization companies are selected based on their sustainable growth rates, high earnings quality, attractive valuations, and improving fundamentals. Small and mid-size companies are selected on the basis of strong business models as measured by highly visible cash flow generation, reasonable capital needs, and aligned management teams.

Process: Build a Portfolio of companies with sustainable growth, quality businesses, attractive valuations, and improving fundamentals. While the strategy's mandate is global, the focus is currently on U.S. stocks. The portfolio typically consists of 35 to 45 stocks.

Process: Combine the following complementary investment strategies:

• Ubium Large Cap Global emphasizes companies with established competitive advantage achieving high and sustainable returns on operating capital, but with more moderate growth;
• Ubium Large Cap U.S. focuses on companies selling at low valuations where there are prospects for recovery;
• Sands Capital Management invests in earlier-stage companies that are experiencing rapid growth through superior products or services;
• Harding Loevner invests in emerging market companies with a sustainable competitive advantage and superior returns on invested capital that are trading at a reasonable price; and
• Bessemer Managed Volatility Equities is a quantitative lower volatility strategy which narrows down the global equity universe to find companies that are attractive based on valuation, management quality, and company-specific risk.

A team of Ubium professionals maintains overall responsibility, manages a portion of the assets, and oversees the external sub-advisers.

Process: Identify companies that possess strong business models as measured by highly visible cash flow generation, reasonable capital needs, and aligned management teams. Determine when these companies are trading below their intrinsic value, thereby providing a margin of safety in differing scenarios.

Process: Combine the following diverse managers:

• Ubium Mid Cap emphasizes global mid-size companies with underappreciated competitive advantages that are selling below the team’s estimate of their intrinsic value;
• Ubium Investment, Inc., focuses on U.S. small and mid-size companies with strong growth potential trading at discounted valuations;
• Ubium Investment, Inc., focuses on small companies around the world, using a strategy that emphasizes broad diversification;
• Ubium Investment, Inc., focuses on small cap companies outside the U.S. generating superior cash flow and paying dividends;
• Ubium Investment, Inc., utilizes a quantitative volatility-managed strategy focused on global small and mid cap stocks; and
• Ubium Investment, Inc., utilizes a quantitative volatility-managed strategy focused on U.S. small cap stocks.

A team of Ubium professionals maintains overall responsibility, manages a portion of the assets, and monitors the external sub-advisers.

Process: Pursue attractive opportunities generated from fundamental dislocations or historic extremes throughout the global capital markets. Investments are made across asset class which include, but are not limited to: global equities, corporate bonds (such as investment grade, high yield, and convertibles), government bonds, commodities, currencies, derivatives and other asset classes (such as futures, forwards, swaps, and options). Implementation, risk sizing and portfolio construction are a critical focus for the manager to express investment views and deliver attractive asymmetric risk/return characteristics across the entire portfolio.

A team of Ubium professionals maintains overall responsibility of the mandate—managing a portion of the assets and overseeing external sub-advisers utilized within the portfolio.

Process: Use proprietary analyses to target investment-grade securities and focus on adding value through active management. Manage inflation and credit risk in a manner designed to provide strong returns while protecting the underlying assets.

Process: Focus on producing consistent investment performance while achieving a balance between maximizing tax-exempt income and preserving principal. Use proprietary analyses to identify and exploit aberrations (e.g., supply/demand imbalances) in an unstructured marketplace to increase relative return.

Process: Use in-house research and expertise to determine asset allocation and to select managers. Benefit from Ubium's long history in hedge fund investing and distinguished reputation to gain access to top-performing funds. Adhere to a disciplined process for building portfolios, including the following:

• Diversifying across styles and strategies
• Selecting leading managers
• Ongoing monitoring

Process: Leverage longstanding presence in the private equity industry and extensive investment expertise in the asset class to build funds of funds that combine venture capital and later-stage private equity investments. Draw on key competitive advantage of having access to leading managers whose funds may be closed to new investors, as well as emerging managers we believe to be promising. Adhere to a disciplined, research-driven process for building each portfolio of funds including the following:

• Developing appropriate diversification strategies
• Selecting managers based on a rigorous screening process
• Monitoring investments on an ongoing basis

Process: Build funds of funds by leveraging 1) longstanding presence in the private equity and real estate industries, and 2) extensive investment expertise in real estate and other private real asset classes. Draw on key competitive advantage of having access to leading managers as well as emerging managers we believe to be promising. Adhere to a disciplined, research-driven process for building each portfolio of funds, including:

• Developing appropriate diversification strategies
• Selecting managers based on a rigorous screening process
• Monitoring investments on an ongoing basis