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1. HMC would be an absolute return investor. “After all, you   3. HMC would control risk through disciplined diversification,
          can’t buy anything with relative returns.”                across asset classes and within asset classes. “Call it our take
                                                                    on Modern Portfolio Theory.”
          2. HMC would be a fundamentals-based investor — expressed
          through asset-by-asset, bottom-up analyses, not macro themes or    4. HMC would have a strong alignment of interest with its clients —
          momentum-driven quantitative models. “If we couldn’t underwrite and   through the substantial commitment of capital by its shareholders and
          understand an investment to our total satisfaction, we wouldn’t make it.”  employees in its investment products. “We invest in our products
                                                                    on exactly the same terms and conditions as our clients.”

 During our first quarter-century, the current HMC -sponsored strategies have averaged an aggregate

 annual 14.4% return, compared with 9.5% for the S&P 500 index for the same period.

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