1

Investment Philosophy

We believe Hillview’s investment philosophy represents the “Triumph of Common Sense” in a crowded and challenging investment environment, where we pursue what is in the best interests of our clients. The firm combines the research and analytical strengths of a high quality institution with the high-touch services of a multi-family office.

We work within a disciplined process to conceive, create and manage customized wealth management solutions that endeavor to protect our clients’ assets and grow their wealth in  everchanging markets. We seek investment opportunities outside of consensus, are not afraid to move ahead of the crowd and will allocate capital in a manner that we believe best exploits these opportunities while managing our requirements for transparency and liquidity.

We seek to utilize our extensive knowledge and experience to identify opportunities with prospects for attractive returns, with limited and quantifiable risk to capital. In many cases, these opportunities were not obvious or popular at the time, but our in-depth research and courage of our convictions led us to recommend investments that served our clients well.

Hillview’s client-centric approach – what we believe to be the only way a client can be best served – contrasts greatly with the conventional product-centric management model that exists at other wealth management firms. We believe that only by creating an environment where  experience and knowledge are leveraged without artificial constraints, and are appropriately supported by dedicated resources, can we deliver results for our clients.

2

Research Process

Our investment team employs a multi-disciplinary approach in its decision-making process. We analyze a broad range of asset classes and  strategies, and develop forward looking projections of risk and return across a number of potential scenarios. Those which appear most attractive and positively asymmetric direct our manager research activity, where we develop and refine a thesis for investment in the asset class, and determine the most effective form of implementation.

Alternatives from simple, liquid passive forms of exposure to more active and, potentially, less liquid ones are evaluated to identify the most optimal approach, given the thesis. Manager selection draws upon the team’s long history and experience, and is complemented by comprehensive operational due diligence.

Once selected, asset classes are combined into client portfolios based on potential risks and returns, liquidity, and sensitivity to various factors. Portfolios are constructed to minimize the chance of permanent impairment of capital, and to provide attractive risk-adjusted returns throughout market cycles. This process is repeated on an ongoing basis, and changes made to portfolios as expectations for risk and reward change due to fundamentals, valuations, and external factors.

Hillview’s Investment Committee is the body responsible for setting portfolio allocations as wells as the hiring and firing of investment managers, and is comprised of the firm’s senior investment professionals and executives. Prior to hiring, we subject investment managers to thorough due diligence and compliance reviews. Managers found in deficit of our expectations are subject to review and termination.

The investment culture at Hillview is founded on entrepreneurial thinking and devoid of traditional institutional constraints.  Our experience is that the best investment opportunities often reside outside of the consensus. We have a history of identifying and recommending less well known asset classes and strategies – not on the menus of institutional investors – which we believe offered attractive returns and opportunities for added value.

Over time, our investment process has nurtured a conviction in our investment decisions – one that has led to successful partnerships with the individuals, families, and institutions we have had the privilege to serve.

3

Risk Management

Our primary objective is to avoid permanent impairment of capital. We employ various tools to estimate, measure, and manage risk across portfolios. These tools were developed by our investment team in order to specifically address the unique challenges of managing multi-asset portfolios. Similarly, portfolios are constructed with the unique constraints and objectives of each client in mind.

Our commitment is to maintain a strong compliance culture because we understand that risk management extends beyond just the investment portfolio. Our Policy and Operating Committee – consisting of senior members from the Investment team, Client Service, Operations, Technology and Compliance areas – meets periodically to discuss issues that may impact our clients and our business. With members from every department working together, we have created a flexible, streamlined and open system of internal communication that leads to better results for our clients.

4

Client Service & Report

From its beginnings, Hillview employed a business model rooted in client-centricity – it is embedded deep within the very fabric of our firm’s governance, management practices and compensation structures.

The firm’s high employee-to-client ratio helps to provide a dedicated, diligent service team for each of our clients. Each team is led by one of the firm’s partners, and includes a wealth advisor who handles day-to-day responsibilities and tasks resulting from client interactions, and a portfolio associate responsible for all operational functions. Service includes timely, systematic client communication and informative meetings throughout the year.

We leverage technology to enhance the client experience, increase the value of our service, and deepen our relationships. The Hillview Client Portal offers a performance-reporting platform that aggregates information on all of a client’s investments, providing portfolio-wide visibility, regardless of where assets are held. Our clients get a comprehensive view of their assets, while we analyze and monitor all of their investments – enabling us to make better-informed recommendations and advise them in a holistic manner.

The portal is password protected and available 24/7, providing a reliable and insightful tool for our clients to view their investments. Information on all liquid investments is available on a dailybasis, and less liquid investments on a monthly/quarterly basis. Clients may also store important documents and personal information in their Document Vault. In times of emergency, they can count on knowing there is one secure location to access all the information they need.