Absolute Return Strategies Presentation
Cliffwater Investment Philosophy
Our broad asset allocation perspective enables us to better
execute alternative investment programs
How We Think...
Asset Allocation (Beta)
Understand the role of alternatives
within the client's asset allocation
Manager Selection (Alpha)
Invest with a limited number of our top-
tier managers; selection skill is critical
Inefficient Markets
Thoughtful implementation is key to
successful programs
Risk Management
Diversification and thorough manager
monitoring best ways to control risk
Terms & Costs
Alignment of interest and fee
management matter
How We Execute...
Consistent Process
Disciplined and standardized due
diligence and investment process
Collective Decision-Making
Research specialization supported by
cross-team resources and firm wide
investment committee process
Documentation
Meetings, analyses, recommendations
in writing to track decision process
Transparency
Offer clients direct access to Cliffwater
research and monitoring
Client Driven
Customized and collaborative approach
with each client
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