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1 Palmer Square Capital Management LLC Overview of Alternatives and The Rise of Alternative Mutual Fund Options Presented by Chris Long May 2011
2 Disclosure This presentation is intended solely for the recipient. By accepting this presentation, the recipient acknowledges that distribution to any other person is unauthorized, and any reproduction of this presentation, in whole or in part, or the divulgence of its contents, without the prior written consent of Palmer Square Capital Management LLC is strictly prohibited. This presentation is being provided for informational purposes only. Nothing herein is or should be construed as investment, legal, or tax advice, a recommendation of any kind, a solicitation, or an offer to sell or a solicitation of an offer to invest. Any such offer or solicitation can only be made by means of the delivery of a Private Placement Memorandum or a Prospectus/Statement of Additional Information, which contains a description of the significant risks involved in any such investment. All figures are estimated and unaudited unless otherwise noted and are shown net of all expenses, management fees and estimated incentive allocations, where applicable. All figures reflect the reinvestment of dividends and other earnings, where applicable. Actual returns may differ from the reported results due to differences in contribution dates, fee structures and new issue eligibility. Past performance is not necessarily indicative of future results. This material represents an assessment of the market environment at a specific point in time, is subject to change, and should not be relied upon by the reader as research or investment advice. Notwithstanding the foregoing, please note the following with respect to investment funds managed by Palmer Square Capital Management LLC: Investments in the Funds are meant for sophisticated investors and involve a high degree of risk. Investors can lose all or a substantial portion of their investment. Investment returns may be volatile. Investments in underlying funds may not be diversified. Funds-of-funds have fees and expenses that may offset profits. Investments in the funds are subject to significant restrictions on transfers. There is no secondary market for interests in the Funds and none is expected to develop. The underlying funds use of leverage in the course of their trading could exacerbate losses. There can be no assurance that any investment strategy or product will be able to achieve its investment objective. Investors considering alternative investments should have a long-term investment horizon. Diversification cannot ensure better performance or eliminate the risk of investment losses. With regard to sources of information, certain of the economic and market information contained herein has been obtained from published sources and/or prepared by third parties. While such sources are believed to be reliable, Palmer Square Capital Management LLC or their respective affiliates, employees, or representatives assume any responsibility for the accuracy of such information. These materials may contain forward looking statements within the meaning of the United States federal securities laws. Forward-looking statements are those that predict or describe future events or trends and do not relate solely to historical matters. For example, forward looking statements may predict economic performance, describe plans and objectives of management for future operations and make projections of revenue, investment returns, or other financial items. A prospective investor can generally identify forward-looking statements containing the words will, believe, expect, anticipate, intend, contemplate, estimate, assume, or other similar expressions. Such forward-looking statements t t are inherently uncertain, because the matters they describe aresubject to known (and unknown) risks, ik uncertainties ti and other unpredictable factors, many of which are beyond the control of Palmer Square Capital Management. No representations or warranties are made as to the accuracy of such forward-looking statements. PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 2
3 Table of Contents Table of Contents 1) Alternatives / Hedge Fund of Funds Overview ) The Rise of Alternative Mutual Funds Including Mutual Fund of Hedge Fund Options...12 PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 3
4 Alternatives / Hedge Fund of Funds Overview
5 The Universe of Alternative Investments What are alternative investments? Typically thought of as any investment product other than traditional investments, such as stocks, bonds or cash. Typically, divided into two categories: Alternative Strategies 1.) Hedge Funds Equity Hedge Event-Driven Global Macro Relative Value Fund of Hedge Funds Alternative or Real Assets 1.) Private Real Estate 2.) Commodities 3.) Infrastructure 2.) Public Real Estate 3.) Private Equity (Certain Types) PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 5
6 Risk/Return of Hedge Funds vs. Stocks & Bonds Hedge Fund s have the ability to invest long or short allowing them to outperform traditional long-only, delivering superior risk-adjusted returns over market cycles 15.0% Hedge Fund Indices HFRI Equity Hedge HFRI Macro Annual Return (%) 12.0% 9.0% 6.0% 3.0% HFRI Event Driven HFRI Fund Weighted Composite HFRI Relative Value HFRI FoF Composite Long Only Indices MSCI Emerging Markets S&P 500 Russell 2000 Dow Jones Industrial Average MSCI World 0.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Source: PerTrac, Standard & Poor s, and MSCI Inc. Note: Data analyzed from January 1990 to December Annual Standard Deviation (%) PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 6
7 Why Invest in a Hedge Fund of Funds Performance Lower Risk, Low Correlation Downside Protection Hedge fund-of-funds returns have outperformed equity and bond indices over a sustained period of time YTD 5 Years 10 Years HFRI Fund of Funds Composite Index 5.6% 12.6% 49.9% MSCI World Index 9.6% 1.8% 4.8% S&P 500 w/dividends id d Reinvested 15.1% 1% 12.0% 15.1% 1% Historically, hedge funds have delivered lower risk versus the equity market. Over the last five years, hedge fund volatility (or annualized standard deviation) was 6.7% versus 16.0% for the S&P 500 Index and 17.5% for the MSCI World Index In addition, low correlation to traditional asset classes can complement and enhance returns for an existing portfolio Hedge fund investment strategies have tended to provide downside protection during periods of broad market declines During 2008 when the S&P 500 Index declined (37%) and the MSCI World Index declined (42%), the HFRI Fund-of-Funds Composite declined (21%) Diversification Hedge fund-of-funds allow an investor to gain access to a number of high quality hedge funds and strategies while diversifying risks associated with a single investment Expertise Fund-of-funds investors gain access to expertise in manager selection, due diligence, fund structuring and active performance monitoring Note: Data analyzed from January 1990 to December PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 7
8 Hedge Fund of Funds Structure Diversification / Access Investor $ Invested Palmer Square Manager of Funds that seek to select and allocate to best of breed hedge funds Hedge Fund 1 Hedge Fund 2 Hedge Fund 3 Hedge Fund 4 20% of $ Invested 30% of $ Invested 35% of $ Invested 15% of $ Invested PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 8
9 How Does a Hedge Fund of Funds Improve the Risk / Return Qualities of a Portfolio? In a diversified portfolio, a hedge fund-of-funds should have a low correlation to other investments which can decrease the overall risk in the portfolio while increasing returns The allocation to a hedge fund-of-funds in a fully diversified portfolio is typically 10%-40% depending on the needs of the client, and desire for downside protection A hedge fund-of-funds allows for instant diversification due to its ability to invest in multiple funds pursuing different strategies As a wealth manager, market timing of a fund-of-funds is less important as the underlying funds hedge downside and allocate tacticallyti based on their market convictions iti Sample Portoflio 8.5% Sample Portfolio with a Fund of Funds 8.4% 83% 8.3% 8.2% Compounded Annual Return 8.2% 8.3% 8.1% 8.0% Sharpe Ratio Standard Deviation 9.5% 8.1% 8.0% 9.0% Sample Portfolio Sample Portoflio with Fund of Funds Note: Sample portfolio analyzed from January 1990 through December The sample portfolio is weighted 65% equities and 35% fixed income. The HFRI Fund of Funds Composite Index is used as the Hedge Fund-of-Funds and is given a 30% allocation. Assumes a 2.50% risk free rate. Please refer to the notes at the end of this presentation for important information. PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 9
10 Investment Strategies Under Different Economic Environments Adding alternative investments to a portfolio may be the best approach for investment objectives aimed at minimizing risk in various economic environments. Economic Environments Slow Growth Inflation Rising Rates Public Equities Dividend Paying Stocks Hedge Funds Event-Driven Long/Short Equity Distressed Natural Resources MLPs Hedge Funds Global Macro Relative Value Commodities Select Fixed Income Hedge Funds Multi-Strategy Long/Short Credit Key tool designed to help provide proper portfolio positioning PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 10
11 Historic Ways to Traditionally Implement Alternative Strategies Potential Benefits: Potential Drawbacks: All-in-One Approach (Hedge Fund of Funds Approach) Best of both worlds. Greater diversification. Professional due diligence. Preferential access to top managers. Creates ability to access unique strategies. Lower investment minimums. Lower volatility than single-manager hedge funds. Higher management fees. Potential lock-ups lead to less frequent liquidity. Direct Approach (Hedge Funds) Single layer of fees. More ability to tailor portfolio. Greater manager specific risk. Due diligence and oversight responsibility. Higher investment minimums. Potential lock-ups. Replication Approach Typically lower costs, higher liquidity and fewer restrictions. Lower level of due diligence required. Hedge funds not easily replicable, strategy complex. Lack of transparency. No risk management. Structure: Typically y limited partnerships. Typically y limited partnership. Typically y exchange-traded fund. Minimum Investment: ~$250,000 $2,000,000 $1-5 million. <$1,000 Fees: Typically 2% management fee, 20% performance fee. Fund of funds manager also charges fees. Typically 2% management fee, 20% performance fee. Taxation: K-1. K Typically range from 0.55% to 1.60%. Registration SEC registration now required for SEC registration now required for Typically SEC registration and Requirements: funds over $150mm. funds over $150mm. Investment Company Act of 1940 registration. PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 11
12 The Rise of Alternative Mutual Funds Including Mutual Fund of Hedge Fund Options
13 Alternative Strategy-Based Mutual Funds and ETFs Have Started to Gain Traction U.S. Alternative Mutual Fund / ETF Assets U.S. $Billions Source: Strategic Insight. PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 13
14 Yet Hedge Fund of Funds in a Mutual Fund Format Are Still at a Nascent Stage Despite all of the success achieved by hedge fund of funds in partnership form, and the growth in alternative mutual funds, the mutual fund space has yet to see many viable options available to investors in a fund of funds format Most alternative strategy options today are single manager options that focus primarily on long/short equity, commodities, or managed futures ETFs comprise a significant portion of the industry growth Market observers would count 10 or less mutual fund of hedge funds available in this specific category (not including managed futures fund of funds) PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 14
15 Hedge Fund of Funds Key Differences Between Partnerships and Mutual Fund Format Hedge Fund of Funds Partnership Potential Benefits Access the most elite managers in the world Take advantage of unique strategies both liquid and non-liquid Potential Drawbacks Liquidity Additional fees Structure Partnership structure which primarily invests in other hedge fund partnerships Mutual Fund of Hedge Funds Daily Liquid, Daily Priced, Daily Transparent Provides great diversification Manager participation growing Certain hedge fund type strategies do not work in a daily- liquid id structure Inability to use higher levels of leverage Availability of top managers? Mutual fund which primarily invests in other liquid vehicles such as separate accounts or other mutual funds or ETFs Minimum Investment $250,000 $2,000,000 $2,500 Fees Materially higher due to manager s ability to charge incentive fees No incentive fees; expense ratios are all-inclusive of main expenses Taxation K-1 (Sometimes delayed) 1099 PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 15
16 Mutual Fund of Hedge Funds State of the World Today Low Quality of Underlying Managers / Poor Access Today s offerings do not offer access to top hedge fund managers Limited Strategy Diversification Most offerings focus on the long/short equity category as that is the easiest strategy to transport from the hedge fund partnership p arena to a mutual fund Risk Management is Unclear Many funds invest in long-only funds but then try to run a risk overlay creating the hedged feature Many funds try to replicate certain exposures through indices, ETFs, or other products Structural Issues Many funds invest in other mutual funds or ETFs that investors can already access on their own or they invest solely in affiliated funds PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 16
17 Palmer Square Q&A We are pleased to announce that Palmer Square Capital Management has filed a mutual fund registration statement with the Securities and Exchange Commission (SEC) A preliminary statement of additional information is available upon request to persons receiving the preliminary prospectus. The preliminary prospectus and Statement of Additional Information (SAI) are subject to completion and may be changed. Fund shares may not be sold until its registration statement is effective PRIVATE & CONFIDENTIAL FOR DISCUSSION ONLY & USE BY INSTITUTIONAL INVESTORS ONLY 17
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