Investing in Hedge Funds
Effective Alpha Generation
and Risk Control Methods
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Alpha Generation &
Risk Control Methods
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Hedging Tail Risk
Tactical Allocation
Due Diligence
Risk Management
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Interest in Hedge Funds
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Hedge Fund Performance in 2008
HFRX Global Hedge Fund Index
-23.25%
Credit Suisse Blue Chip Index
-26.31%
Barclay Fund of Funds Index
-21.50%
S&P 500 Total Return
-36.99%
Russell 2000
-34.79%
Source: Bloomberg, L.P.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Convergent / Divergent Strategies:
Hedging Tail Risk
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Arbitrage / Relative Value Strategies
in 2008
CS Blue Chip Convertible
Arbitrage
-52.10%
HFRX Convertible Arbitrage
-58.37%
CS Blue Chip Fixed Income Arb
-35.03%
HFRX Relative Value
-37.60%
CS Blue Chip Multi-Strategy
-35.42%
Source: Bloomberg, L.P.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Valuation Driven Strategies in 2008
CS Blue Chip Dedicated Short
-9.11%
HFRX Distressed
-30.69%
CS Blue Chip Emerging Markets
-41.97%
HFRX Equity Hedge
-25.45%
CS Blue Chip Equity Market
Neutral*
-39.02%
HFRX Equity Market Neutral
-1.16%
CS Blue Chip Event Driven
-20.05%
HFRX Event Driven
-22.11%
CS Blue Chip Global Macro
-21.28%
HFRX Merger Arbitrage
CS Blue Chip Long/Short Equity
-29.39%
3.69%
Source: Bloomberg, L.P.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Divergent Strategies in 2008
CS Blue Chip Managed Futures
21.76%
Barclay CTA Index
14.11%
HFRX Macro
5.61%
Barclay Diversified Traders
Index
26.53%
Barclay Systematic Traders
Index
18.12%
Source: Bloomberg, L.P.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Tactical Allocation
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Tactical Allocation
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Tactical Allocation

2006 Q3

Change from “Friendly” to “Neutral” on equity markets
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Lowered exposure to long biased and concentrated equity
strategies
Established short subprime exposure as a hedge
2007 Q4

Change from “Neutral” to “Negative” on equity markets
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Significant drop in exposure to long short equity strategies
Increased allocation to “opportunistic” strategies
Increased allocation to divergent strategies (trend based
strategies in particular)
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
2008 Performance by Strategy versus Benchmarks
Strategy
Long/Short Equity
SSARIS1
Index2
Difference
-12.08%
-25.45%
13.37%
4.43%
-22.11%
26.55%
-14.33%
-21.34%
7.01%
20.82%
14.09%
6.73%
-13.59%
-58.37%
44.78%
-7.40%
-1.16%
-6.24%
4.74%
-37.60%
42.34%
-20.96%
-42.12%
21.16%
0.10%
-23.25%
23.35%
HFRX Equity Hedge Index
Event Driven
HFRX Event Driven Index
Global Macro
Credit Suisse Blue Chip Global Macro Index
Managed Futures
Barclay CTA Index
Convertible Arbitrage
HFRX Convertible Arbitrage Index
Equity Market Neutral
HFRX Equity Market Neutral Index
Fixed Income Arbitrage
HRFX Relative Value Index
Emerging Markets
Credit Suisse Blue Chip Emerging Market Index
TOTAL
HFRX Global Hedge Fund Index
1
Source: SSARIS,please see last page for
additional disclosures
2
Source: Bloomberg, L.P.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Due Diligence
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Average of over 50 hours of due diligence prior to
allocation decision
Organizational audit
Document review
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PPM
AIMA Due Diligence Questionnaire
Audit
Form ADV
Background investigations
Audit checks
Regulatory checks

SEC, FINRA, NFA, etc.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Risk Management
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Transparency Platform
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Transparency Platform

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Daily transparency at the position level
Minimize fraud risk
Maintain ultimate control over the account
More effective risk management
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
For Further Information

Rob Covino



SSARIS Advisors, LLC
Senior Vice President – Product Development
rcovino@ssaris.com
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901
Disclosures
PAST PERFORMANCE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
This document is being provided per your request.
Performance returns, un-audited and reported in USD, reflect a composite of accounts
managed using the SSARIS fund of funds strategies described herein.
The performance information does not include the deduction of SSARIS’ advisory fees,
as applicable, but does include the deduction of the advisory fees, commissions and
expenses charged by each underlying manager and includes interest income. Actual
client results may vary depending upon different fee arrangements and timing of
investments.
This document is intended for qualified eligible persons as defined in U.S. Commodity
Futures Trading Regulation 4.7. This summary is intended solely to describe certain
important elements of the various SSARIS fund of fund strategies described herein
(“Strategies”). This summary does not constitute an offer to sell to any person, or a
solicitation of an offer to purchase the securities of any pooled investment vehicle. Any
such offer may only be made by private placement memorandum or other offering
documents issued by such pooled investment vehicles, and the information provided
herein is qualified in its entirety by the information contained in such disclosure
documents. Any decision to invest should be made solely in reliance upon such
documents.
No offer of any interest in any product will be made in any jurisdiction in which offer,
solicitation or sale is not authorized, or to any person to whom it is unlawful to make
such offer, solicitation or sale.
This document expresses the views of SSARIS Advisors, LLC only through the last
reporting period shown regarding the various Strategies and the views are subject to
change based on market or other conditions. The opinions expressed are for general
information only and are not intended to provide specific advice or recommendations but
rather, a basis from which strategies can be built, taking into account the specific
objectives of each portfolio, in terms of return, time horizon, and risk constraints, as well
as diverging investment perspectives and assumptions. All material has been obtained
from sources believed to be reliable, but its accuracy and completeness are not
guaranteed.
No assurance can be given that the Strategies’ investment objective will be achieved.
An investment in any of the Strategies is subject to significant risks and is suitable only
for qualified investors of substantial financial means that have no need for immediate
liquidity in these investments. References to investment objectives, target returns or
other goals sought in employing a particular investment strategy are aspirational only
and should not be considered a guarantee that such results will be achieved.
Potential investors should clearly understand the significant degree of risk involved
with investing in any alternative investment strategies. The Strategies are available
only to qualified investors who have reviewed detailed information concerning
investment terms and risks. These risks may include the following: The Strategies
may use leverage, are speculative, involve a high degree of risk and may not provide
diversification; performance can be volatile, and an investor could lose a substantial
amount or all of the investor’s investment; the investor does not retain any trading
authority over assets placed with us; an investor’s account may not be liquid or
transferable; fees and expenses may offset trading profits; SSARIS may be subject to
certain conflicts of interest; and the Strategies may involve executing a substantial
portion of the trades on foreign exchanges.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING
COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE
PERSONS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN
FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING
COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A
TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF
COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE
COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR
APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.
No current or prospective client should assume that future performance will be
profitable, or equal to the performance results reflected in any of the following
benchmarks or indices.
All the historical benchmark and index performance results shown are provided
exclusively for comparison purposes only, so as to provide general comparative
information to assist an individual client or prospective client in determining whether
the performance of a SSARIS Strategy meets, or continues to meet their investment
objective(s). It should not be assumed that the SSARIS Strategy holdings will
correspond directly, or indirectly, to the comparative benchmarks or indices shown.
SSARIS Advisors, LLC
695 East Main Street, Stamford, CT 06901