Daniel Eric Bender

QFS Asset Management trades long and short positions in global asset classes using a systematic strategy based on fundamental macroeconomic factors. The QFS Currency Program seeks long-term returns by analyzing global macroeconomic factors. The strategy buys fundamentally undervalued currencies and sells overvalued currencies. It is based on a fundamental macroeconomic methodology using a quantitative statistical model to optimize expected returns of the currency portfolio while managing portfolio risk. The QFS Global Macro Program is a top-down approach to global investing. Using dynamic asset allocation across a broader array of markets than the QFS Currency Program, the quantitative model captures discrepancies in the valuations of asset classes caused by differences in macroeconomic fundamentals across and within countries in the currency, equity, fixed-income and commodities markets. The QFS Fixed Income Program is an absolute return strategy focused on the global fixed-income markets. It takes positions based on model-generated analyses of indicators of fundamental and technical factors across the long and short ends of the yield curves in the US, Europe, Japan, Australia, Canada and Great Britain. A dynamic optimization approach analyzes the expected returns and risk factors across all instruments and time frames, and signals the buying and selling patterns that will generate the highest returning portfolio subject to a targeted level of risk. The QFS Portable Alpha is a customizable beta replication program combined with a robust alpha overlay. It seeks to provide absolute returns through the QFS Currency, Global Macro and Fixed Income Programs. It also seeks to provide: (1) low cost passive benchmarking to equity or fixed-income indices through the use of exchange-traded futures contracts or swaps (2) the convenience of a bundled indexation / alpha-generating overlay program and (3) effective cash utilization.

Ramsey Asset Management's (RAM) strategy is to identify investment opportunities which they believe have a fundamental value that is materially different than the consensus belief and which will provide attractive returns. They focus on businesses with improving or declining fundamentals in relation to consensus which have near-term (6 - 12 month period) catalysts for short investments or strong fundamentals for long ideas (1-2 year period) in growth, mature, and cyclical companies that fall within their five investment patterns. RAM's divergent view is supported by primary research, proprietary channel checks, and other bottom-up techniques. Ramsey Short-Biased will typically have 25-40 shorts, 5-20 longs and 4-8 stub/pair trades, while Ramsey Short Only will typically have 25-40 shorts and 4-8 stub/pair trades. Net industry concentration is limited to 20%. The maximum size of any one position is also limited to 10% of market value for longs (Short-Biased fund only) and 7% of market value for shorts (both funds). RAM also manages a Total Return fund. Though not limited by sector, RAM tends to invest in the stocks of US small- and mid-cap companies in the finance, consumer durables, process industries and electronic technology sectors. The firm maintains a medium turnover rate.