Emerging Markets Debt Search Summary & Recommendations

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1 To: From: SURS Investment Committee Douglas Moseley, Partner Date: December 3, 2014 Subject: Emerging Markets Debt Search Summary & Recommendations Executive Summary: Following the Board s decision to adopt a 3% Policy target allocation to Emerging Markets Debt, SURS staff and NEPC drafted and issued a publicly-advertised Request for Proposal (RFP) consistent with SURS historical practice and legislative requirements. Individual responses were received in August from a total of 55 investment management firms, proposing a total of 85 individual products or strategies for consideration. Staff & NEPC narrowed the list of initial responses to a group of 20 firms, offering 31 individual products (see Appendix I), for consideration as semi-finalists, including 1 MFDB qualified firm. Following the review of the additional questionnaire responses and the NEPC search materials, staff and NEPC further narrowed the candidates down to 10 firms proposing 15 products for consideration as finalists and scheduled 90 minute interviews with each firm in early November. Following those interviews and discussion of follow-up questions and additional materials provided by the candidates, NEPC and staff have scheduled 4 firms to present their strategies at the December Investment Committee meeting. Overview of the Responses & Selection Process: Responses were reviewed to determine whether they met the minimum requirements and then both staff and NEPC performed an initial review and comparison of the candidates responses to evaluate and categorize the proposed firms and products. Initially the 85 proposed products were categorized into five product groupings based on the information provided: 1) Hard Currency Products these are products that focus on constructing EMD portfolios that are made up predominantly by the fixed income securities issued by emerging markets countries and other issuers in U.S. dollar and Euro denominations, or hard currencies and markets. These products will generally invest % of their portfolios in hard-currency denominated bonds, including corporate bonds, and may tactically allocate 10-30% to locally-denominated issues. 2) Local Currency Products these products focus on constructing EMD portfolios that are made up predominantly of locally-denominated fixed 255 State Street Boston, MA TEL: BOSTON ATLANTA CHARLOTTE CHICAGO DETROIT LAS VEGAS SAN FRANCISCO

2 income securities issued by emerging markets countries and other issuers in their home country markets. These products will generally invest % of their portfolios in local-currency denominated bonds, including some corporate bonds, and may tactically allocate 10-30% to hardcurrency denominated issues. 3) Blended EMD Products these products are designed to provide exposure to both hard- and local-currency denominated issues, with the allocation managed tactically. These products offer a wider-range of substrategy exposures, but are generally allocated at least 20-40% to localcurrency bonds and 30-50% to hard-currency bonds, including allocation to EMD corporate bonds that can range from 10-50% of the portfolio 4) Corporate-only EMD Products these products focus on investing in hard and local-currency securities issued by corporate issuers. 5) Other/unclassified Products this group included products that were not easily classified, including hedge fund strategies and unspecified product types. Throughout the selection process, each of the candidates and strategies were assessed using the following broad criteria categories: - Firm ownership model, structure and stability - Size, experience and tenure of the dedicated EMD investment team - Product design and policy constraints - Investment decision-making process - Portfolio construction process - Performance, including short- and long-term, attribution and consistency - Proposed fees and investment vehicles offered, including size and liquidity terms Staff & NEPC narrowed the list of initial responses to a group of 20 firms offering 31 individual products for consideration as semi-finalists, including 1 MFDB qualified firm as defined by Illinois statute (see Appendix I). The semi-finalists were asked to provide additional narrative information in response to a questionnaire regarding their organization, strategies, fees, trading and business practices. Following the review of the additional questionnaire responses and the NEPC search materials, staff and NEPC identified 10 firms proposing 15 products for consideration as finalist candidates. Those candidates were interviewed by staff, NEPC and available Trustees in early November at NEPC s offices in Chicago, with each firm scheduled for a 90 minute presentation and discussion of their capability and proposed products. Following those interviews and discussion of follow-up questions and additional materials provided by the candidates, NEPC and staff discussed the individual finalist candidates, including the desire to allocate capital to qualified MFDB candidates as part of implementing the new EMD allocation.

3 Recommended Portfolio Structure & Funding Sources: NEPC and staff have discussed the various product categories and the desire to build a portfolio that provides exposure consistent with the overall emerging markets fixed income market and provides an opportunity for managers to add excess-return over the target benchmark(s) and flexibility to respond to market conditions, including liquidity, issuance trends, interest rate environments, currency and credit cycles. Given the size of the allocation, NEPC recommends that SURS target allocating capital to 3-4 managers as a way to get diversified exposure to complimentary EMD strategies across all of the sub-market and product categories. Further, NEPC recommends that the blended product category should be the target of the largest portion of the allocation, as the strategy will provide exposure to hard, local and corporate issues and issuers with the ability to shift capital in different market environments. Given the limited number of responses from qualified MFDB candidates to the RFP, NEPC and staff also discussed the idea of allocating capital to a multi-manager account with SURS existing manager, Progress Investments, as part of obtaining exposure to MFDB managers in the EMD category. Following those discussions, NEPC recommended the following target allocation of the SURS mandate: Mandate $ Allocation % Allocation Blended Mandate Manager 1 $175 million 33.5% Blended Mandate Manager 2 $175 million 33.5% Local Currency Mandate $105 million 20% Manager 3 MFDB Multi-manager Mandate* $65 million 13% *Assumed to have Corporate-focused bias based on Progress proposal Based on the Policy allocation shifts approved by the Board as part of the comprehensive asset-liability study, NEPC recommends that the EMD mandate be funded by reducing SURS total equity exposure by 3%, sourced from a reduction in the Domestic Equity policy target of 2% and a reduction in the Non-US Equity target of 1%. NEPC recommends that the EMD mandate funding come from both the passive and structured active manager portfolios as recommended by staff. Recommended Manager Summaries: The following are summaries of each of the individual manager candidates being proposed for consideration.

4 BlueBay Asset Management BlueBay is currently a wholly-owned subsidiary of Royal Bank of Canada (RBC), operating as a division of RBC Global Asset Management. The firm is currently managing approximately $65.8 billion in total client assets, including $6.2 billion in the Emerging Markets Select Debt (Blend) strategy. EMD Investment Team: BlueBay s EM Debt investment team consists of 29 individuals broadly overseen by an investment committee led by CIO, Mark Poole. The EM Debt team is supported by 10 analysts with expertise in sovereign, local currency, and corporate debt. The portfolio management team is led by David Dowsett with a focus on hard currency EMD, Neil Phillips with a focus on local currency EMD, and Polina Kurdyavko with a focus on EMD corporates. Philosophy: Central to BlueBay s philosophy is understanding the asymmetric risks of emerging market debt and seeking to deliver absolute returns through the ups and downs of credit and economic cycles. Over the long-term, BlueBay seeks countries with improving economic and political fundamentals and a real interest rate premia while managing downside risks with hedging strategies. Over shorter-term time horizons, BlueBay assesses interest rates and currencies separately and exploits relative value opportunities that may exist between currencies, local interest rates and yield curves. Investment Process: BlueBay s EMD investment process begins with a fundamental analysis of each country in the opportunity set with a quantitative framework to evaluate a sovereign s ability and willingness to pay. Each sovereign within the opportunity set is assigned an internal score ranging from 0 to 50 based on 10 credit metrics and political and structural reform evaluation. This country score provides an objective starting point to determine the relative credit worthiness of each country and identify countries with sustained improvements in their credit profile. A country s creditworthiness is then compared to market credit spreads to illustrate relative value amongst the global opportunity set. Country level allocation decisions are based on each country s relative value and a 3 to 6 month time horizon. Upon determining the relative credit attractiveness of a country, hard currency sovereign debt and corporate bonds are reviewed on a relative value analysis that includes current credit spreads, credit quality, and potential risks. Local currency bond positions are based on an analysis of local interest rates. BlueBay forecasts inflation over a 12 month time horizon to understand the current monetary policy

5 relative to market implied interest rates and the real neutral rate. This understanding of changes in short-term monetary policy then informs the teams positioning regarding overall duration and points along a country s yield curve. The final fundamental component is the analysis of the long-term and relative value of currencies. BlueBay views currency and interest rate risks separately and may have independent alpha positions relative to a country s interest rate and currency opportunity set. Currency value is assessed based on both long-term value and short-term dynamics. Portfolio Construction Portfolios are constructed with a greater focus on absolute returns rather than relative to benchmark composition. Portfolio construction across local bonds, corporate bonds, hard currency bonds, and currency incorporates the fundamental analysis of country value, interest rate value, and currency value and a focus on high conviction ideas relative to a risk/return profile. Each position is compared to a qualitative 3 month worst case scenario, while allocation sizing is based on the potential alpha opportunity and the top-down macro view of the Emerging Market Investment Committee. Portfolio positioning is generally limited to 20% allocations to individual countries with broad allocation ranges for regional exposures. BlueBay will use derivatives including interest rate futures and swaps, currency forwards, and credit-default swaps to both implement alpha opportunities and mitigate global macro risks. In addition, BlueBay seeks to hedge 10% to 15% of the portfolio in currencies which demonstrate a weak correlation between exchange rate and interest rate to mitigate potential currency devaluations. Performance: The following is a summary of BlueBay s net of fee performance for the period ended September 30, 2014 (periods greater than 1-year are annualized): BlueBay Emerging Markets Fixed Income Select USD 50/50 Blended JPM EMBI GD & GBI EM CYTD 1-year 3-year 5-year 7-year 2.5% 2.2% 4.3% 6.0% na 4.8% 5.2% 5.4% 6.3% na Proposed Fee Structure and Commingled Fund Details: The following are the details for the proposed commingled fund targeted for the SURS investment:

6 Fund Structure: 3c7 Commingled Fund (Cayman) Fund Fee Structure: Flat fee of 0.55% after fee rebate based on size of proposed SURS account *Custody costs currently 8.8 bps Fund Assets: $898 million No. of Fund Participants: 19 Fund Custodian Brown Brothers Harriman Fund Liquidity Daily Liquidity, 1-day notice Prudential Fixed Income Prudential Fixed Income is a subsidiary of Prudential Financial, a publicly-traded, insurance and financial services company. The firm is currently managing approximately $534 billion in total assets, including $30 billion in Emerging Markets Debt of which $8.9 billion is managed in the Emerging Markets Blend strategy. The firm is headquartered in Newark, NJ with offices in London, Tokyo and Singapore. EMD Investment Team: David Bessey, Senior Portfolio Manager, oversees the emerging markets debt investment team, which is comprised of three additional portfolio managers, two sovereign analysts, a credit analyst and two junior analysts. The team is based in Newark New Jersey, but three of the team members are based in Singapore. Prudential also has a network of money management centers scattered across the emerging markets which are helpful for idea generation. Philosophy: Prudential believes that the global appetite for risk is a primary contributor to both market volatility and market opportunity. Therefore, assessing the psychology of market participants related to market cycles is an important step in the process. In addition, country allocation is a primary driver of emerging market debt returns and will factor heavily into the investment process and active decisions. The strategy will invest in sovereign, quasi-sovereign and corporate issuers across both hard and local currency markets. Country allocation, security selection, opportunistic positioning, and other non-benchmark allocations are all utilized as sources of excess return. Above all else, the strategy places an emphasis on assessing the global appetite for risk which is used to set tracking error targets and return expectations in a given period.

7 Investment Process: The investment process defines the global backdrop to capital markets by assessing the appetite for risk based on macroeconomic analysis, interest rate views, and risk posture of investors. A good example of this part of the process was Prudential s belief that deleveraging would be a global phenomenon during the credit crisis of 2008, and as such, emerging markets would be impacted by its effects. Coincident and leading indicators such as commodity markets, equity markets and credit markets factor into the analysis, with a particular focus on commodities as a driver of strong emerging markets performance. After defining the global investment environment, country selection is the next part of Prudential s investment process. A blend of fundamental factors, relative value factors, and technical factors are reviewed to express views on countries. Score cards and a relative value matrix are constructed to help compare the opportunities across the 40+ countries that define the investment category. A view of positive/neutral/negative is defined for each country, in both hard currency and local currency markets. Criteria such as country solvency, liquidity, economic activity, politics, policy consistency, and structural imbalances are all evaluated. In performing credit research on corporates, the team assesses the economic climate in which the company is operating, focusing on issuers with strong sponsorship. The issuer s competitiveness combined with following global trends in the company s industry are also part of the top down view of a credit. Further bottom-up fundamental research that evaluates cash flow, capital structure, earnings trends, FX exposure, and balance sheet health rounds out the corporate research process. Portfolio Construction: With respects to security selection, Prudential will utilize several different strategies. In higher risk countries during volatile periods, the team prefers to use low dollar price securities with longer maturities and higher liquidity and in less volatile situations, exploit inefficiencies resulting from new issue vs. secondary supply, segmented investor bases, fixed vs. floating rate securities, less liquid securities, and mispriced embedded options. Corporate issuers may also be selected when valuations and opportunities warrant the additional credit risk. The allocation to corporates will average about 15% of the total portfolio and enhance yield relative to sovereign issuers. In markets where liquid local currency instruments are available, Prudential analyzes currencies using trend models to determine what equilibrium price should be, and what the market is expecting. Active currency positions will range between 0-10%. Return targets are balanced with tracking error targets, which will normally range between basis points relative to the index.

8 Performance: The following is a summary of Prudential Fixed Income s net of fee performance for the period ended September 30, 2014 (periods greater than 1-year are annualized): Prudential EM Hard/Local Currency Blend 50/50 Blended JPM EMBI GD & GBI EM CYTD 1-year 3-year 5-year 7-year 5.0% 5.3% 7.0% 7.3% na 4.8% 5.2% 5.4% 6.3% na Proposed Fee Structure and Commingled Fund Details: The following are the details for the proposed commingled fund targeted for the SURS investment: Fund Structure: Collective Trust Fund Fee Structure: First $50 m = 0.55% Next $100 m = 0.45% Thereafter = 0.40% *Estimated custody costs of 6 bps Fund Assets: $0 to be seeded by SURS No. of Fund Participants: None to be seeded by SURS Fund Custodian State Street Fund Liquidity Daily Liquidity Proposed, 5-day notice Colchester Global Investors Colchester Global Investors was founded in 1999 and is an employee-owned firm with approximately 45 active employees retaining ownership in and a small, minority-ownership stake held by Silchester Investments. The firm is currently managing approximately $28.5 billion in total client assets, including $4.5 billion in the Emerging Local Markets Debt strategy. Colchester is a value oriented manager, exclusively focused on global sovereign bond markets and looks to add value by investing in the sovereign debt of countries with high prospective real yields and currencies that are undervalued on a real exchange rate basis. Based on academic research and quantitative methods developed by Ian Sims, Colchester forecasts mid-term inflation for each government bond market and uses this forecast to determine which markets have the most attractive real yields. Currency exposures are based on a fundamental

9 value analysis and are viewed as a separate allocation decision from the bond portfolio. This dual allocation approach provides Colchester the ability to add value through both active currency and bond selection. EMD Investment Team: Based in London, Colchester s global fixed income portfolios are managed by a team of six investment professionals led by Chairman and CIO Ian Sims and Senior Investment Managers, Kathryn Elsby and Paul Grice. Philosophy: Colchester Global Investors is a value-oriented global bond manager. At the heart of Colchester's philosophy is the belief that investments should be assessed in terms of real returns, which provides a means to compare valuation across sovereign bond markets. The investment approach is based on the analysis of a sovereign s inflation forecast, real interest rates, and real exchange rates, supplemented by an assessment of a sovereign s financial health. Portfolios are constructed to reflect those opportunities with the greatest relative investment potential for a given level of risk. Investment Process: Colchester's primary strategy focus is to separately define the fundamental value of a country s sovereign bond market and currency. This process begins with a determination of the underlying real return estimates for each country bond market, which requires a thorough analysis of global inflation expectations. The foundation of Colchester s process is to develop an inflation forecast for each country and the Firm devotes significant resources to this activity, both qualitative and quantitative. Colchester then applies this inflation forecast to all countries in its investment universe to determine the real yield for sovereign bond markets across their entire yield curve. The estimate of real interest rates is merely the starting point of the process, Colchester believes that its real yield estimates are improved by taking into account the financial health of each sovereign bond issuer. Colchester assesses the liquidity, fiscal balance, external debt amongst many other fundamental factors to adjust its estimate of a country s real yield. Colchester recognizes that a country may have a higher real interest rate due to a structural deficiency and incorporates these factors into the calculation of expected returns. Based on their assessment of country risk and a forecast of real yields across a country s yield curve, Colchester shifts the portfolio to higher real yield sovereign bond markets, which generates a portfolio that may differ significantly from the benchmark. The determination of fundamental value for a country s currency is a distinct analysis, as Colchester generates separate value measures for sovereign bonds and

10 currency. Real exchange rates are estimated for each currency incorporating Colchester s inflation forecast, real interest rates, current account balances, accumulated foreign assets/liabilities, and several additional factors. Conservatively oriented currency allocations are then constructed based on Colchester s assessment of real exchange rates with portfolio exposures determined not by the country bond allocation but the relative valuation of currencies. Portfolio Construction: Colchester s investment universe is government bond markets exclusively within emerging local bond markets. Colchester reviews the size of the local bond market, liquidity, institutional structure, and many other factors when considering the suitability of a country to be included in the opportunity set. Some countries are excluded due to barriers to foreign entry and capital controls. As part of its screening process Colchester determines maximum exposure limits for each country. These allocation ranges are not benchmark focused but reflect Colchester's assessment of sovereign risk, quality, and liquidity. The country allocation ranges for the emerging market local debt strategy are 0% to 20% with the exception of the most liquid and large markets which have a maximum allocation of 25%. In addition, non-investment grade countries are limited to no more than 30% of the strategy. Colchester invests in the sovereign debt of countries with high prospective real yields and currencies that are undervalued on a real exchange rate basis. Portfolios are primarily comprised of nominal and inflation-linked bonds issued by emerging market countries found within the index and non-benchmark countries such as Czech Republic, Singapore, and South Korea. Securities are limited to physical bonds and currency forwards with holdings typically in the range of 15 to 30 bonds. Country and duration exposures are the result of Colchester s assessment of value and are agnostic to benchmark weights. Performance: The following is a summary of Colchester s net of fee performance for the period ended September 30, 2014 (periods greater than 1-year are annualized): Qtr CYTD 1-year 3-year 5-year 7-year Colchester Local -4.3% 1.2% 0.2% 5.0% 5.2% na Markets Debt JPM GBI-EM GD -5.7% 0.0% -1.5% 2.2% 4.4% 5.4%

11 Proposed Fee Structure and Commingled Fund Details: The following are the details for the proposed commingled fund targeted for the SURS investment: Fund Structure: Delaware Statutory Trust Fund Fee Structure: First $25 m = 0.75% Next $25 m = 0.60% Thereafter = 0.40% *Includes Custody Fund Assets: $408 million No. of Fund Participants: 86 Fund Custodian Northern Trust Fund Liquidity Monthly Liquidity (1 st B.D.), 10-day notice Progress Investment Management MFDB Multi-manager mandate Given the limited number of responses from qualified MFDB candidates to the RFP, NEPC and staff also discussed the idea allocating capital to a multi-manager account with SURS existing manager, Progress Investments, as part of obtaining exposure to MFDB managers in the EMD category. This would give SURS the ability to allocate capital to seed new and emerging EMD strategies in the future based on Progress Investment Management s process for identifying and tracking new managers. Progress has indicated that it currently has at least 2 firms that it has identified as strong candidates for seeding EMD products, including LM Capital Group, which responded to the SURS RFP but does not have a live track-record of managing diversified EMD portfolios. Given SURS desire to allocate capital to MFDB managers in each asset class, NEPC recommends that SURS utilize Progress to implement manager selection as part of either a new, dedicated EMD account, or an expansion of the existing fixed income mandate.

12 Appendix I Candidates & Products by grouping Firm Preliminary Rec. & Comments Aegon USA Investment Mgt. Recommended Cut Small Team AllianceBernstein Recommended Cut Relative Perf and Org. Issues Allianz Global Investors Recommended Cut new team 4Q 2013 Hard Currency Ashmore Interviewed as Finalist Eliminated Hard Currency Mandate Aviva Investors Recommended Cut staff departures BERENBERG Recommended Cut Non US asset strategy Columbia Management Recommended Cut staff departures DuPont Capital Mgt. Recommended Cut Relative Perf and Team Size F&C Asset Management Recommended Cut Relative Perf and Team Size First State Investments Recommended Cut Sterling Hedged product Fischer Francis Trees & Watts Recommended Cut staff departures Gramercy Recommended Cut Small Asset Base Grantham, Mayo, Van Otterloo Semi Finalist Eliminated Hard Currency Mandate Payden & Rygel* Semi Finalist Eliminated Hard Currency Mandate Pictet Asset Management Semi Finalist Eliminated Hard Currency Mandate T. Rowe Price Group Semi Finalist Eliminated Hard Currency Mandate UBS Global Asset Mgt. Recommended Cut Incomplete response Van Eck Associates Recommended Cut Small Asset Base, Short record Acadian Asset Management Aegon USA Investment Mgt. Recommended Cut Small team, turnover Recommended Cut Small team Local Currency Ashmore Aviva Investors Ballie Gifford Colchester Global Investors Eaton Vance Management Fischer Francis Trees & Watts Goldman Sachs Gramercy Interviewed as Finalist Eliminated for relative performance Recommended Cut Staff Turnover Recommended Cut Relative Performance *Recommended for Local Mandate* Recommended Cut Short Track Recommended Cut Staff Turnover Interviewed as Finalist Eliminated for shorter track record, relative performance and lack of funded commingled fund Recommended Cut Small asset bases HSBC Investec Asset Management Lazard Asset Management Mondrian Inv. Partners Recommended Cut Staff Turnover Interviewed as Finalist Eliminated for relative performance Semi Finalist Eliminated for relative performance and tenure of team Interviewed as Finalist Eliminated for relative performance & announced departure of group head

13 Payden & Rygel* Pictet Asset Management Rogge Global Partners T. Rowe Price Group TCW Group Wells Capital Management Western Asset Management Recommended Cut Short track record Semi Finalist Eliminated for relative performance Recommended Cut Small Asset Base Semi Finalist Eliminated for small asset base, relative performance Recommended Cut prefer Blend product Recommended Cut Organizational Issues Interviewed as Finalist Eliminated for relative performance Fischer Francis Trees & Watts Gramercy Gramercy Insight Investment Mgt. Recommended Cut Staff Turnover Semi Finalist Decided to do multi manager mandate with Progress Recommended Cut Concentrated/Below IG Recommended Cut Incomplete Resp/No US clients Corporates LM Capital Group* Loomis, Sayles & Company Payden & Rygel* Interviewed as Finalist Decided to do multi manager mandate with Progress Semi Finalist Decided to do multi manager mandate with Progress Recommended Cut Short track record SW Asset Management Recommended Cut Relative Performance T. Rowe Price Group Semi Finalist Decided to do multi manager mandate with Progress Western Asset Mgt. Interviewed as Finalist Decided to do multi manager mandate with Progress Ashmore BlueBay Asset Mgt. Capital Group Interviewed as Finalist Eliminated for higher fees, use of leverage, composite dispersion and lack of clear decisionmaking structure *Recommended for Blended Mandate* Recommended Cut relative performance Blended Goldman Sachs Asset Mgt. Gramercy Gramercy Hartford Investment Mgt. Co. HSBC HSBC ICE Canyon Investec Asset Mgt. JP Morgan Investment Mgt. Recommend Cut Short track record Recommended Cut Recommended Cut Recommended Cut Small Asset Base Recommended Cut Staff Turnover Recommended Cut Staff Turnover Recommended Cut Staff Turnover Interviewed as Finalist Eliminated for relative performance Recommended Cut Staff and Organizational Changes Lazard Asset Management Logan Circle Partners Semi Finalist Eliminated for relative performance and tenure of team Recommended Cut Retail Assets

14 Federated Recommended Cut Lost 2 co heads in 2013 Franklin Resources MacKay Shields Manulife Asset Mgt. Neuberger Berman Payden & Rygel* PIMCO Prudential Fixed Income Rogge Global Partners Schroder Investment Mgt. Standish Mellon Asset Mgt. Stone Harbor Inv. Partners Stone Harbor Inv. Partners TCW Group TIAA CREF Asset Mgt. Western Asset Mgt. Recommended Cut Retail Assets Recommended Cut Retail Assets Semi Finalist Eliminated for lack of institutional client base Semi Finalist Eliminated for length of track record Semi Finalist Eliminated for relative performance Recommended Cut Organizational Issues / staff departures *Recommended for Blended Mandate* Recommended Cut Small Asset Base Recommended Cut staff turnover Recommended Cut relative performance Semi Finalist Eliminated for relative performance Semi Finalist Eliminated for relative performance Interviewed as Finalist Eliminated due to high Corporate sector allocation & perceived key person risk Recommended Cut Small Asset Base Interviewed as Finalist Eliminated for staff turnover Alternative/Other Aviva Investors EMSO Partners Greylock Capital Mgt. Insight Investment Mgt. Kapstream Capital Schroder Investment Mgt. Recommended Cut staff turnover Recommended Cut Recommended Cut Hedge Fund product & fee structure Recommended Cut incomplete resp. Recommended Cut incomplete resp. Recommended Cut staff turnover