1. CAIA Luxembourg Educational Event Cercle Munster May 21st, 2015

2. How to get Real Diversification with Alternative Strategies ? Moderator: Daniel Capocci, PhD-CAIA, Senior Investment Manager - Architas Multi- Manager Speakers: Giuseppe Distefano, Founder and CIO - Alessia Julien Bernier, CIO - Chahine Capital Amine Bennis, PM of Digital World Active Allocation - Chahine Capital Maurizio Novelli, Portfolio Manager, Lemanik SA

3. How to get Real Diversification with Alternative Strategies ? Who’s on stage Alternative Strategies in UCITS Diversification Markets Question

4. How to get Real Diversification with Alternative Strategies ? 1. Short positions by mean of Financial Derivatives 2.Higher leverage (it doesn’t mean higher risk) with VaR risk approach 3.Relative value trades 4.Asset allocation is a risk allocation process UCITS alternative Strategies are different from long only asset allocation strategies

5. PASSIVE DIVERSIFICATION DOES NOT PROTECT AGAINST LOSS With a passive allocation, a 'diversified portfolio' is performing much like an all stock portfolio.

6. Modern asset management should be responsive … Lead to a variable correlation with Equities Flexibility is key of the diversification in today’s rapidly transforming global economy. Example of the Daily Asset Class Allocation of the DWAA Fund in 2013…

8. How to get Real Diversification with Alternative Strategies ? Moderator: Daniel Capocci, PhD-CAIA, Senior Investment Manager - Architas Multi- Manager Speakers: Giuseppe Distefano, Founder and CIO - Alessia Julien Bernier, CIO - Chahine Capital Amine Bennis, PM of Digital World Active Allocation - Chahine Capital Maurizio Novelli, Portfolio Manager, Lemanik SA

9. Thank you for your attention! The CAIA Luxembourg Chapter