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This Exhibit covers the Negative Month Totals of the Managers as well as their respective returns in the S&P Negative Performing Months. The latter is a particularly important aspect of risk analysis and mitigation.


  • What are the most important observations arising from this chart?

  • Two of the three Managers show positive returns during S&P losing months, and the third is roughly two thirds lower than the Market in losses.
  • The importance of the defensive role of Manager UP becomes apparent, with $1.75 in growth for every $ .78 in losses by the S&P. Thus, it belongs in some degree in all but the most bullish orientation.

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