Multiple Manager Strategies We seek to provide our clients with broad diversification across both traditional and alternative asset classes while giving access to best-of-breed investment managers. Our approach focuses on three goals: Building a diversified portfolio of managers Providing superior returns with reduced volatility Protecting capital in down markets Our due diligence effort seeks out independent investment firms that in some ways reflect the structure and values of Franklin Street Partners: The firms are focused, disciplined managers with a controlled approach to growth. The firms' investment managers are also owners of their firms, managing their own assets. The managers we select typically are not household names. Because we believe that size is often the enemy of performance, we seek emerging firms with strict strategic focus and the agility to act on opportunities. We work closely with each manager and insist on the highest levels of transparency. Our approach to portfolio construction is unique. Rather than selecting a single manager for a particular sub-asset class (such as large cap value), we blend multiple complementary managers in order to gain exposure to both core and higher alpha-type strategies.