We appreciate you taking this survey. Please answer honestly as responses will be totally anonymous.

Instructions:

Assume that you are evaluating a manager for investment. Assume that the manager invests in an asset class you wish to gain exposure to. Assume that they meet your requirements such as service providers (prime broker, accountant, legal), that they have the requisite amount of staff (CFO, compliance, number of analysts), that they have sufficient assets under management and have fees and liquidity provisions which are acceptable to you.

Assuming that all of those criteria are acceptable, and holding all else equal, we are curious as to the importance you put on different personality traits and other attributes when selecting a manager. In each section, you will be asked how important you feel different attributes are and then asked to force rank your top 2 to 3 attributes in each category.

We thank you again for your participation.

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1. Please indicate the importance of each of the following PHYSICAL characteristics on your manager selection process:

	Extremely Important	Somewhat Important	Neutral	Somewhat Unimportant	Not At All Important
good eye contact	good eye contact Extremely Important	good eye contact Somewhat Important	good eye contact Neutral	good eye contact Somewhat Unimportant	good eye contact Not At All Important
height	height Extremely Important	height Somewhat Important	height Neutral	height Somewhat Unimportant	height Not At All Important
full head of hair	full head of hair Extremely Important	full head of hair Somewhat Important	full head of hair Neutral	full head of hair Somewhat Unimportant	full head of hair Not At All Important
strong handshake	strong handshake Extremely Important	strong handshake Somewhat Important	strong handshake Neutral	strong handshake Somewhat Unimportant	strong handshake Not At All Important
well dressed	well dressed Extremely Important	well dressed Somewhat Important	well dressed Neutral	well dressed Somewhat Unimportant	well dressed Not At All Important
attractive facial features	attractive facial features Extremely Important	attractive facial features Somewhat Important	attractive facial features Neutral	attractive facial features Somewhat Unimportant	attractive facial features Not At All Important
well groomed	well groomed Extremely Important	well groomed Somewhat Important	well groomed Neutral	well groomed Somewhat Unimportant	well groomed Not At All Important
strong voice	strong voice Extremely Important	strong voice Somewhat Important	strong voice Neutral	strong voice Somewhat Unimportant	strong voice Not At All Important
physically fit	physically fit Extremely Important	physically fit Somewhat Important	physically fit Neutral	physically fit Somewhat Unimportant	physically fit Not At All Important

Other (please specify)

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2. Of the items in Question 1, please rank what you think is the MOST important factor.

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3. Of the items in Question 1, please rank what you think is the SECOND most important factor.

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4. Please indicate the importance of each of the following EXPERIENCE / PEDIGREE attributes on your manager selection process:

	Extremely Important	Somewhat Important	Neutral	Somewhat Unimportant	Not At All Important
Attended an elite graduate school	Attended an elite graduate school Extremely Important	Attended an elite graduate school Somewhat Important	Attended an elite graduate school Neutral	Attended an elite graduate school Somewhat Unimportant	Attended an elite graduate school Not At All Important
Has an MBA degree	Has an MBA degree Extremely Important	Has an MBA degree Somewhat Important	Has an MBA degree Neutral	Has an MBA degree Somewhat Unimportant	Has an MBA degree Not At All Important
Has high GMAT / SAT / GRE / GPA scores	Has high GMAT / SAT / GRE / GPA scores Extremely Important	Has high GMAT / SAT / GRE / GPA scores Somewhat Important	Has high GMAT / SAT / GRE / GPA scores Neutral	Has high GMAT / SAT / GRE / GPA scores Somewhat Unimportant	Has high GMAT / SAT / GRE / GPA scores Not At All Important
Has a strong network	Has a strong network Extremely Important	Has a strong network Somewhat Important	Has a strong network Neutral	Has a strong network Somewhat Unimportant	Has a strong network Not At All Important
Has another professional degree (MD, CPA, CFA, JD, PhD, Masters)	Has another professional degree (MD, CPA, CFA, JD, PhD, Masters) Extremely Important	Has another professional degree (MD, CPA, CFA, JD, PhD, Masters) Somewhat Important	Has another professional degree (MD, CPA, CFA, JD, PhD, Masters) Neutral	Has another professional degree (MD, CPA, CFA, JD, PhD, Masters) Somewhat Unimportant	Has another professional degree (MD, CPA, CFA, JD, PhD, Masters) Not At All Important
Has previously worked at prestigious institutions	Has previously worked at prestigious institutions Extremely Important	Has previously worked at prestigious institutions Somewhat Important	Has previously worked at prestigious institutions Neutral	Has previously worked at prestigious institutions Somewhat Unimportant	Has previously worked at prestigious institutions Not At All Important
Has a long tenure at previous institutions	Has a long tenure at previous institutions Extremely Important	Has a long tenure at previous institutions Somewhat Important	Has a long tenure at previous institutions Neutral	Has a long tenure at previous institutions Somewhat Unimportant	Has a long tenure at previous institutions Not At All Important
Attended an elite undergraduate institution	Attended an elite undergraduate institution Extremely Important	Attended an elite undergraduate institution Somewhat Important	Attended an elite undergraduate institution Neutral	Attended an elite undergraduate institution Somewhat Unimportant	Attended an elite undergraduate institution Not At All Important

Other (please specify)

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5. Of the items in Question 4, please rank what you think is the MOST important factor.

Other (please specify)

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6. Of the items in Question 4, please rank what you think is the SECOND most important factor.

Other (please specify)

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7. Please indicate the importance of the following COGNITIVE characteristics in your manager selection process:

	Extremely Important	Somewhat Important	Neutral	Somewhat Unimportant	Not At All Important
Has a broad knowledge base	Has a broad knowledge base Extremely Important	Has a broad knowledge base Somewhat Important	Has a broad knowledge base Neutral	Has a broad knowledge base Somewhat Unimportant	Has a broad knowledge base Not At All Important
High level of intelligence	High level of intelligence Extremely Important	High level of intelligence Somewhat Important	High level of intelligence Neutral	High level of intelligence Somewhat Unimportant	High level of intelligence Not At All Important
Intuitive thinking ability	Intuitive thinking ability Extremely Important	Intuitive thinking ability Somewhat Important	Intuitive thinking ability Neutral	Intuitive thinking ability Somewhat Unimportant	Intuitive thinking ability Not At All Important
Possesses a specific area of specialization	Possesses a specific area of specialization Extremely Important	Possesses a specific area of specialization Somewhat Important	Possesses a specific area of specialization Neutral	Possesses a specific area of specialization Somewhat Unimportant	Possesses a specific area of specialization Not At All Important
Ability to think outside the box	Ability to think outside the box Extremely Important	Ability to think outside the box Somewhat Important	Ability to think outside the box Neutral	Ability to think outside the box Somewhat Unimportant	Ability to think outside the box Not At All Important
Is a flexible thinker	Is a flexible thinker Extremely Important	Is a flexible thinker Somewhat Important	Is a flexible thinker Neutral	Is a flexible thinker Somewhat Unimportant	Is a flexible thinker Not At All Important
Rational thinking ability	Rational thinking ability Extremely Important	Rational thinking ability Somewhat Important	Rational thinking ability Neutral	Rational thinking ability Somewhat Unimportant	Rational thinking ability Not At All Important
Abstract reasoning ability	Abstract reasoning ability Extremely Important	Abstract reasoning ability Somewhat Important	Abstract reasoning ability Neutral	Abstract reasoning ability Somewhat Unimportant	Abstract reasoning ability Not At All Important
Clarity of thought	Clarity of thought Extremely Important	Clarity of thought Somewhat Important	Clarity of thought Neutral	Clarity of thought Somewhat Unimportant	Clarity of thought Not At All Important
Wisdom	Wisdom Extremely Important	Wisdom Somewhat Important	Wisdom Neutral	Wisdom Somewhat Unimportant	Wisdom Not At All Important
Ability to think independently	Ability to think independently Extremely Important	Ability to think independently Somewhat Important	Ability to think independently Neutral	Ability to think independently Somewhat Unimportant	Ability to think independently Not At All Important

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8. Of the items in Question 7, please rank what you think is the MOST important factor.

Other (please specify)

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9. Of the items in Question 7, please rank what you think is the SECOND most important factor.

Other (please specify)

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10. Of the items in Question 7, please rank what you think is the THIRD most important factor.

Other (please specify)

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11. Please indicate the importance of the following SOCIAL / PERSONALITY traits:

	Extremely Important	Somewhat Important	Neutral	Somewhat Unimportant	Not At All Important
risk tolerance	risk tolerance Extremely Important	risk tolerance Somewhat Important	risk tolerance Neutral	risk tolerance Somewhat Unimportant	risk tolerance Not At All Important
candor	candor Extremely Important	candor Somewhat Important	candor Neutral	candor Somewhat Unimportant	candor Not At All Important
perseverance	perseverance Extremely Important	perseverance Somewhat Important	perseverance Neutral	perseverance Somewhat Unimportant	perseverance Not At All Important
passion / enthusiasm	passion / enthusiasm Extremely Important	passion / enthusiasm Somewhat Important	passion / enthusiasm Neutral	passion / enthusiasm Somewhat Unimportant	passion / enthusiasm Not At All Important
intellectual curiosity	intellectual curiosity Extremely Important	intellectual curiosity Somewhat Important	intellectual curiosity Neutral	intellectual curiosity Somewhat Unimportant	intellectual curiosity Not At All Important
motivation / drive	motivation / drive Extremely Important	motivation / drive Somewhat Important	motivation / drive Neutral	motivation / drive Somewhat Unimportant	motivation / drive Not At All Important
confidence / self esteem / conviction	confidence / self esteem / conviction Extremely Important	confidence / self esteem / conviction Somewhat Important	confidence / self esteem / conviction Neutral	confidence / self esteem / conviction Somewhat Unimportant	confidence / self esteem / conviction Not At All Important
leadership ability	leadership ability Extremely Important	leadership ability Somewhat Important	leadership ability Neutral	leadership ability Somewhat Unimportant	leadership ability Not At All Important
competitiveness	competitiveness Extremely Important	competitiveness Somewhat Important	competitiveness Neutral	competitiveness Somewhat Unimportant	competitiveness Not At All Important
humility	humility Extremely Important	humility Somewhat Important	humility Neutral	humility Somewhat Unimportant	humility Not At All Important
likability (do I like them?)	likability (do I like them?) Extremely Important	likability (do I like them?) Somewhat Important	likability (do I like them?) Neutral	likability (do I like them?) Somewhat Unimportant	likability (do I like them?) Not At All Important
quirky / eccentric	quirky / eccentric Extremely Important	quirky / eccentric Somewhat Important	quirky / eccentric Neutral	quirky / eccentric Somewhat Unimportant	quirky / eccentric Not At All Important
goal oriented / focused	goal oriented / focused Extremely Important	goal oriented / focused Somewhat Important	goal oriented / focused Neutral	goal oriented / focused Somewhat Unimportant	goal oriented / focused Not At All Important
gregarious / personable / charismatic	gregarious / personable / charismatic Extremely Important	gregarious / personable / charismatic Somewhat Important	gregarious / personable / charismatic Neutral	gregarious / personable / charismatic Somewhat Unimportant	gregarious / personable / charismatic Not At All Important
sense of humor	sense of humor Extremely Important	sense of humor Somewhat Important	sense of humor Neutral	sense of humor Somewhat Unimportant	sense of humor Not At All Important
involvement / engagement	involvement / engagement Extremely Important	involvement / engagement Somewhat Important	involvement / engagement Neutral	involvement / engagement Somewhat Unimportant	involvement / engagement Not At All Important
trust / honesty / integrity / ethical	trust / honesty / integrity / ethical Extremely Important	trust / honesty / integrity / ethical Somewhat Important	trust / honesty / integrity / ethical Neutral	trust / honesty / integrity / ethical Somewhat Unimportant	trust / honesty / integrity / ethical Not At All Important
hard working / strong work ethic	hard working / strong work ethic Extremely Important	hard working / strong work ethic Somewhat Important	hard working / strong work ethic Neutral	hard working / strong work ethic Somewhat Unimportant	hard working / strong work ethic Not At All Important
ability to communicate / communication skills	ability to communicate / communication skills Extremely Important	ability to communicate / communication skills Somewhat Important	ability to communicate / communication skills Neutral	ability to communicate / communication skills Somewhat Unimportant	ability to communicate / communication skills Not At All Important
emotional awareness / emotional IQ	emotional awareness / emotional IQ Extremely Important	emotional awareness / emotional IQ Somewhat Important	emotional awareness / emotional IQ Neutral	emotional awareness / emotional IQ Somewhat Unimportant	emotional awareness / emotional IQ Not At All Important
diligence / tenacity	diligence / tenacity Extremely Important	diligence / tenacity Somewhat Important	diligence / tenacity Neutral	diligence / tenacity Somewhat Unimportant	diligence / tenacity Not At All Important

Question Title

12. Of the items in Question 11, please rank what you think is the MOST important factor.

Other (please specify)

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13. Of the items in Question 11, please rank what you think is the SECOND most important factor.

Other (please specify)

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14. Of the items in Question 11, please rank what you think is the THIRD most important factor.

Other (please specify)

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15. Please rank order the following groups of characteristics when selecting a manager.

	Most Important	Second most important	Third most important	Least important
Physical Characteristics	Physical Characteristics Most Important	Physical Characteristics Second most important	Physical Characteristics Third most important	Physical Characteristics Least important
Cognitive Attributes	Cognitive Attributes Most Important	Cognitive Attributes Second most important	Cognitive Attributes Third most important	Cognitive Attributes Least important
Social / Personality Traits	Social / Personality Traits Most Important	Social / Personality Traits Second most important	Social / Personality Traits Third most important	Social / Personality Traits Least important
Experience / Pedigree	Experience / Pedigree Most Important	Experience / Pedigree Second most important	Experience / Pedigree Third most important	Experience / Pedigree Least important

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16. Please indicate your organization type

Corporate Pension

I do not work for an allocator

Public Pension

Endowment / Foundation

Fund of Funds

401(k), 403(b) etc…

Family Office

Other (please specify)

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17. Please indicate your total portfolio size:

<100m

$100m - $500m

$500m - $1b

$1b - $5b

$5b - $15b

>$15b

N/A

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18. Please indicate your title.

Chief Investment Officer

Senior Vice President

Managing Director

Vice President

Senior Analyst

Analyst

I do not work for an allocator or N/A

Other (please specify)

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19. Please indicate your areas of coverage (please check all that apply).

Hedge Funds

Domestic Equity

Foreign Equity

Real Estate

Private Equity

Natural Resources

Venture Capital

Distressed Credit

Fixed Income

Other (please specify)

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20. I would be willing to participate in additional surveys of this type

Yes

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21. I would like you to email me the results when compiled.

Yes

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22. If you answered "yes" to either question 20 or 21, please provide your contact information.

Name

Email Address

Phone Number