As the second largest hedge fund multi-manager firm in the world, UBS Hedge Fund Solutions (HFS) has a unique edge when it comes to accessing high conviction ideas. We have deep relationships with top tier managers around the globe and extensive experience investing with emerging managers. We believe that small hedge funds offer distinct advantages and look to invest early in the life cycle of a new fund. Since inception, approximately 40% of our assets are with managers who we invested with during their first year of operation.