Absolute Return Strategies Presentation

Portfolio Management Process 1) Fund Monitoring Monthly manager calls Performance/risk/positioning ■ Watch List report = 2) Portfolio Monitoring 3) Portfolio Rebalancing Monthly fund review team meeting Performance/risk/positioning Attribution Monthly portfolio review team meeting O Strategy allocation changes Liquidity requirements Fund changes Cliffwater combines a comprehensive monitoring process with tactical asset class views. to adjust strategy and fund exposures over time CLIFFWATER LIC | 26

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