18. Presentation by RVK, Inc. - Hedge Fund Structure

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1 18. Presentation by RVK, Inc. - Hedge Fund Structure 18

2 Water and Power Employees Retirement Plan Hedge Fund Structure Presentation April 13, 2016

3 DHF Overview: Implementation Options Investment Structure Options When investing in Absolute Return Strategies plan fiduciaries must decide between using: Off-the-shelf Fund of Hedge Funds products Fund-of-One Hedge Fund of Funds A Specialist Advisor Direct Investments The primary factors to be weighed when choosing between these approaches include: Whether risk and volatility are appropriately controlled through diversification Whether the appropriate ongoing due diligence and monitoring are provided Whether assets are sufficient to prudently adopt each approach Whether the approach affords access to the highest-quality managers Whether fees are appropriate and controlled 2

4 DHF Overview: Implementation Options Managing a Hedge Fund Program Successfully managing an absolute return program includes: Discovery, evaluation, and selection of new absolute return investments initial and ongoing Due diligence both investment and operational Negotiation over terms and fees with underlying managers Portfolio construction and asset allocation Portfolio reconfiguration in response to ongoing changes in the market environment Risk monitoring Termination/exit of investments as necessary and feasible 3

5 DHF Overview: Implementation Options Fiduciary Duty Fiduciaries should ensure that hedge fund strategies are appropriate for the plan before inclusion by conducting an in-depth review of the asset class Part of a fiduciary s duty is to also ensure that the program for executing a hedge fund mandate provides at least the following: An effective process for discovering, evaluating, and selecting actual investments; Adequate diversification, as quickly as prudently feasible; An effective process for accurate, on-going monitoring of the risks taken by the managers of these investments; An effective process for monitoring the performance of these investments and exiting them when necessary and feasible; A program that is cost effective; and A program that can grow and evolve over time 4

6 DHF Overview: Implementation Options Investment Structure Options Off-the-Shelf Fund of Hedge Funds (FoHFs) Approach A FoHFs manager creates a portfolio of hedge funds, resulting in a single, diversified investment vehicle for a number of investors (commingled fund vehicle). Fund-of-One Fund of Hedge Funds (FoHFs) Approach A FoHFs manager creates a customized portfolio of hedge funds, tailored to a single client s investment goals (sometimes referred to as a separate account). Specialist Advisor/Consultant Approach A consultant specializing in hedge fund investing creates a customized portfolio of hedge funds. Level of client discretion in fund selection decisions varies by advisor and/or client. Direct Investment Approach The Do it Yourself approach where the client uses internal expertise and appropriate systems to create a diversified portfolio of hedge funds. 5

7 DHF Overview: Implementation Options Continuum of Implementation Approaches Off-the-Shelf Fund of Hedge Funds Approach Fund-of-One Fund of Hedge Funds Approach Specialist Advisor/Consultant Approach Direct Investment Approach Less Control over Strategy Greater Control over Strategy Less Client Resources Required Greater Client Resources Required Higher External Management Costs Lower External Management Costs 6

8 DHF Overview: Implementation Options Off-the-Shelf Fund of Hedge Funds Approach Advantages: One investment provides instant diversification Manager has ability to make tactical allocations to various strategies Outsourced manager search, selection, due diligence, risk management, and reporting Reduced headline or blow-up risk through a diverse manager lineup Possibility of improved access to top-tier hedge fund managers closed to other investors One relationship, one set of documents, one redemption schedule Better liquidity than a newly-constructed direct HF portfolio of the same managers Disadvantages: Charge an extra layer of fees on top of underlying hedge fund fees Possibly too much diversification Research shows that benefits can wane beyond managers No control over underlying strategy and manager selection Typically little or no contact with underlying managers Ability to be nimble in rebalancing may be impaired due to lock-up periods Less transparency: investors typically receive risk-level transparency (geographic/strategy exposures, gross/net exposures, etc.) but may not have visibility of all underlying hedge funds 7

9 DHF Overview: Implementation Options Custom Fund of Hedge Fund Approach Advantages: One investment provides instant diversification Manager has ability to make tactical allocations to various strategies Outsourced manager search, selection, due diligence, risk management, and reporting Reduced headline or blow-up risk through a diverse manager lineup Possibility of improved access to top-tier hedge fund managers closed to other investors One relationship, one set of documents, one redemption schedule Better liquidity than a newly-constructed direct HF portfolio of the same managers Characteristics of the portfolio can be tailored to client needs Scale generally allows lower fees than an equivalent allocation in an off-the-shelf vehicle Disadvantages: Charge an extra layer of fees on top of underlying hedge fund fees Possibly too much diversification Research shows that benefits can wane beyond managers Little control over strategy and manager selection Typically little or no contact with underlying managers Ability to be nimble in rebalancing may be impaired due to lock-up periods Less transparency: investors typically receive risk-level transparency (geographic/strategy exposures, gross/net exposures, etc.) 8

10 DHF Overview: Implementation Options Specialist Advisor/Consultant Approach Advantages: More control over strategy and manager selection Ability to customize the risk/return/liquidity profile of the hedge fund program to the plan s specific needs Potential for higher returns given lower fee charges by Advisor vs. FoHF manager This includes lower indirect costs (netting risk, cost to borrow) borne by investors in the FoHF structure Fund investments are made in clients name, allowing client the ability to retain exposure to underlying managers despite potential changes in advisor Disadvantages: Access to certain managers may be difficult due to fund closures (FoHF may already have capacity) Potentially slower process to redeem from problem managers FoHF liquidity is often better than a direct multi-strategy manager Potential for more visible losses and headline risk from individual hedge funds More extensive involvement may be required from client to perform selection and due diligence (compared to FoHF investments) Administrative and legal requirements can be cumbersome Building a portfolio of direct managers will require document reviews and reporting requirements for each individual fund selected Depending on structure, fiduciary responsibility may rest with Committee/Board Specialist Advisor utilizes lower revenue business model, May not have resources comparable with a FoHF 9

11 DHF Overview: Implementation Options Direct Investment Approach Advantages: Direct control over strategy and manager selection Ability to customize the risk/return/liquidity profile of the hedge fund program to the plan s specific needs Potential for higher returns given the elimination of a layer of fees from the FoHF or Advisor This includes lower indirect costs (netting risk, cost to borrow) borne by investors in the FoHF structure Greater transparency into each underlying hedge fund investment Typically allows for more customizable risk, attribution, and performance reporting at the underlying manager level vs. a FoHF Fund investments are made in clients name, allowing client the ability to retain exposure to underlying managers despite potential changes in advisor Disadvantages: Access to certain managers may be difficult due to fund closures Potentially slower process to redeem from problem managers FoHF liquidity is often better than a direct multi-strategy manager Potential for more visible losses and headline risk from individual hedge funds More extensive involvement may be required from client to perform selection and due diligence (compared to FoHF investments) Administrative and legal requirements can be cumbersome Building a portfolio of direct managers requires separate document reviews and reporting for each individual fund selected Fiduciary responsibility rests with the Committee/Board 10

12 DHF Overview: Implementation Options The Plan Utilizes a Fund of One Approach Off-the-Shelf Fund of Hedge Funds Approach Fund-of-One Fund of Hedge Funds Approach Specialist Advisor/Consultant Approach Direct Investment Approach Morgan Stanley/GAM Less Control over Strategy Greater Control over Strategy Less Client Resources Required Greater Client Resources Required Higher External Management Costs Lower External Management Costs 11

13 The Plan s Hedge Fund Structure as of 9/30/2015 Retirement GAM Divergent MS Convergent $ 168,080,862 $ 86,592,000 $ 81,488, % 48.5% 48% GAM Divergent 52% MS Convergent Health GAM Divergent MS Convergent $ 27,313,140 $ 14,071,200 $ 13,241, % 48.5% Total GAM Divergent MS Convergent $ 195,394,002 $ 100,663,200 $ 94,730, % 48.5% GAM Divergent Characteristics 90 Day T-Bills + 3% Returns 4-7% Volatility Over Market Cycle Correlation < 0.2 Equities 0.75% Fee Morgan Stanley Convergent Characteristics 90 Day T-Bills + 3% Returns 5% Volatility Over Market Cycle Correlation < 0.7 Equities 0.77% Fee 12

14 The Plan s Structure vs. Custom FoHF RVK Client RVK believes that hedge funds can provide improved diversification and equity risk reduction than what is currently targeted while maintaining similar return objectives. GAM Divergent Characteristics 90 Day T-Bills + 3% Returns 4-7% Volatility Over Market Cycle Correlation < 0.2 Equities Morgan Stanley Convergent Characteristics 90 Day T-Bills + 3% Returns 5% Volatility Over Market Cycle Correlation < 0.7 Equities Custom FoHF Characteristics 90 Day T-Bills + 3% Returns Volatility < 5% Volatility Over Market Cycle Beta to Equites < 0.25 Over Market Cycle 13

15 Generic FoHF vs. Core/Satellite Sample Portfolio Structures RVK recommends diversified hedge fund portfolios that vary in structure based on the size, objectives, and constraints of each client Each structure is capable of providing an attractive risk/return profile Absent liquidity constraints, RVK recommends that some component of the marketable alternatives allocation be in hedge funds. FoHF Only FoHF Core FoHF Core/Satellite FoHFs Niche FoHFs Direct Multi- Strategy FoHFs Long/Short Equity 2 Long/Short Equity 1 Direct Multi- Strategy FoHFs Niche FoHFs 14

16 Recommendation Fund of One FoHF Customization & Transparency Specialized oversight with risk management, portfolio construction, and operational due diligence. Explicit fees are typically higher for FoHF relative to other implementation options, but FoHFs press underlying managers for lower fees These managers are able to demonstrate fee savings that offset a material portion of their management fees in many cases. Leverage FoHF expertise in building out direct hedge fund portfolios Reliance on the FoHF provider to assist in risk aggregation, operational due diligence, and risk monitoring, on outside hedge fund portfolios at no additional cost. 15

17 Fund of One FoHF Next Steps Draft Policy Language / Define Mandate Draft RFP / Define Services Provided Select a Provider Example Timeline 16

18 Fund of One FoHF Draft Policy Language and Define Mandate The Plan is seeking a liquid, low volatility, low correlation approach. Example Portfolio Characteristics Equity Beta: < 0.25 Volatility: Less than 5% annualized over cycle Return Target: T-Bills + 3% Achieving these goals requires changing exposure parameters relative to what is typically offered in an off-the-shelf FoHF. Less Exposure Activist Equity Event Driven & Special Situations Distressed Debt More Exposure Market Neutral Equity Fixed Income Relative Value Low Volatility Macro & CTA 17

19 Fund of One FoHF Draft RFP and Define Services RVK assists in setting minimum qualifications for responding firms, and will develop a custom questionnaire to complement its RADAR alternatives database Questions are designed to assist in evaluating firms across a broad set of criteria. These include business and organizational stability, incentive alignment with investors, experience of investment personnel, consistency of due diligence process, technology and systems infrastructure, risk and portfolio construction, etc. Additional Services to be Provided Offering firms must be willing to provide Risk Aggregation services to the Plan s total Absolute Return portfolio, inclusive of any future Direct Hedge Fund investments. Offering firms must also be willing to provide ongoing Operational Due Diligence services to the Plan, in an effort to ensure operational best practices on future Direct Hedge Fund investments. 18

20 Fund of One FoHF Select a Provider (Example Process) RVK uses a comprehensive scoring process, which can be developed in tandem with Staff, to evaluate RFP proposals. Scoring Criteria Semi-Finalists Finalists ~15-20 Candidates Evaluate written responses, score according to developed criteria, work to create a focus list. 3-5 Candidates Conduct calls with key personnel and see demonstrations of live systems. Deeper dive into manager process and characteristics. 2-3 Candidates Perform full onsite due diligence. Meet with key personnel, evaluate depth of team, confirm scope of services. 19

21 Fund of One FoHF Conduct RFP (Example Timeline) The timeline for conducting the RFP is flexible based on the preferences of the Plan s Staff and the Board. Q1-Q Q2-Q Q Phase 1 Define Mandates, Set Minimum Qualifications & Draft Questionnaire Phase 2 Launch RFP, Evaluate Responses, and Perform Due Diligence Phase 3 Recommend Finalists to the Board and Implement 20

22 Direct Hedge Fund Program Appendix

23 Generic FoHF vs. Core/Satellite Sample Portfolio Structures RVK recommends diversified hedge fund portfolios that vary in structure based on the size, objectives, and constraints of each client Each structure is capable of providing an attractive risk/return profile Absent liquidity constraints, RVK recommends that some component of the marketable alternatives allocation be in hedge funds. FoHF Only FoHF Core FoHF Core/Satellite FoHFs Niche FoHFs Direct Multi- Strategy FoHFs Long/Short Equity 2 Long/Short Equity 1 Direct Multi- Strategy FoHFs Niche FoHFs 22

24 Example Hedge Fund Program Progression Current Structure Add Multi-Strategy Add Strategy Specific 15% 10% 16% 10% 10% 39% 100% 69% 15% 16% FoHF Multi-Strategy 1 Multi-Strategy 2 Strategy Specific 1 Strategy Specific 2 Strategy Specific 3 More Direct Hedge Fund Investments Lower External Management Costs Greater Control Over Program 23

25 DHF Overview: Implementation Options Fund of Hedge Funds (FoHFs) Approach Direct Investment Approach Fund of Hedge Funds Hedge Fund Hedge Fund Hedge Fund Hedge Fund Securities Securities Securities Securities Securities 24

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