ARDMORE ROAD ASSET MANAGEMENT LP

Ardmore Road offers investment advisory services as a sub-adviser to various pooled investment funds through managed account agreements. When selecting brokers and negotiating commission rates, Ardmore Road considers factors like the financial stability and reputation of brokerage firms, creditworthiness, efficiency of execution, the actual executed price and commission, custodial services, the size and type of the transaction, the difficulty of execution, the operational facilities of the brokers, and the research and other services provided by such brokers. In some instances, Ardmore Road may receive a product or service that is used for Section 28(e) eligible purposes and for other purposes.

Ardmore Road employs a fundamental, alpha-centric investment strategy focused on long/short investing in public companies within the Global Technology sector, as well as related opportunities in Media, Communications, and Consumer sectors. The firm aims to generate idiosyncratic investment alpha through a process-driven, fundamental idea generation and research model. This approach builds a bottom-up portfolio of differentiated single stock ideas on both the long and short sides of Client Accounts. In addition, Ardmore Road seeks to deploy a risk-efficient portfolio construction, running with low net exposure to market risk, while managing sector balance and limiting certain key common risk factors. This is done to maximize idiosyncratic returns while mitigating downside volatility. The investment program includes short sales, which can involve substantial volatility and can, in certain circumstances, substantially increase the adverse impact to which the Clients may be subject.

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