`Kestrel global portfolio presentation 2015 05_08

Kestrel Global Portfolio
May 2015

2Kestrel Global Portfolio
Table of Contents
Performance 3
Fund Holdings 4
Asset Class Optimisation 5
Dynamic Risk Allocation 7
Fund Managers 13
Fund Characteristics and Fees 14
Annex: Corporate Structure 17
Annex: Kestrel Managers’ Track Records 18
Vision is not just where you look – it’s how you see.

Kestrel Global Portfolio Compared to GBP Flexible Allocation Peer
The Kestrel Global Portfolio A share class in GBP has returned +45.61% from launch on 1st June 2012 to 1st
May 2015, giving a compound annual return after fees of 13.76% and an annual volatility of about 7.95%.
The Kestrel Global Portfolio has returned 13.76% annualised since
launch
Past performance is not a guide to future performance Source: Morningstar / Bloomberg

Kestrel Global Portfolio share classes have automatic currency hedging to give the
same returns across all currency share classes
$, £, Sfr, € and Sek retail share classes for KGP compared to Bloomberg Global Asset Allocation Index
One Year Performance 30th April 2014 – 30th April 2015
Past performance is not a guide to future performance Source: Bloomberg

Bloomberg Global Asset Allocation Index: Members & Weights
Source: Bloomberg

Kestrel Global Portfolio Optimised Holdings
On a look-through basis, the fund is diversified across more than
twelve thousand securities

Kestrel Investment Process – Optimisation Across Asset Classes
*Risk is calculated as annualised standard deviation of weekly returns
Example: Lower Risk Asset Class Optimisation

Kestrel Investment Process – Optimisation Across Asset Classes
Example: Higher Risk Asset Class Optimisation

Kestrel Investment Process – Dynamic Asset Allocation
Kestrel’s fund managers shift the portfolio’s asset weights for
expected market conditions
Dynamic Risk Allocation
RETURN 6%
RETURN 5%
RETURN 4%
RISK 8% RISK 11% RISK 15%
High Return
Assets 40%
High Return
Assets 60%
High Return
Assets 80%

Optimised Risk Level Allocations Plus Dynamic Allocation
KGP Dynamic Allocation combines Low Volatility and High Volatility
baskets to give KGP Risk Levels
KGP Dynamic Allocation
Low Volatility Allocation
KGP Dynamic Allocation
High Volatility Allocation
*Risk is calculated as annualised standard deviation of weekly returns.
RISK 8% RISK 11% RISK 15%

KGP – Historical Dynamic Allocation Chart through to April 2015
Kestrel’s Managers use Dynamic Allocation to Enhance Return and
Control Risk
Risk Shift to
Underweight
Risk Shift to
Underweight
Risk Shift to
Underweight
Overweight
Overweight
Overweight
Risk Shift to
Neutral
Arrows show Kestrel Managers’ portfolio risk allocation changes: red to move underweight risk, green to move overweight. Red dotted lines show
continued underweight risk, green dotted lines show continued overweight risk. Blue line shows a neutral risk allocation. Black line shows the total
return for the 60:40 MSCI world equities: Barclays bond index.

Kestrel Investment Research
Kestrel’s managers interpret outputs from our proprietary research
tools to set dynamic allocations
Bars show Kestrel projections for Global GDP. Dotted lines show annual percentage change in reported GDP weighted across
24 countries.

The Lehman Crash – Iveagh Performance, 1st Sep 2008 – 2nd Jan 2009 : -1%
Dynamic Asset Allocation held the Iveagh fund to -1% over the 2008
Lehman collapse
Iveagh Wealth Fund , MSCI World Equity Index – Performance 1st September 2008 – 1st January 2009 with John Ricciardi
Head of Asset Allocation

Kestrel’s Fund Managers
John Ricciardi
Fund Manager
Before becoming a co-founding partner of Kestrel Investment Partners LLP, John
was head of global asset allocation for Iveagh Ltd, creating and managing that
firm’s Standard & Poor’s AA rated Global Asset Allocation fund as well as its
dynamic Risk-rated Global Portfolio funds. John co-founded Cursitor
Management Ltd and Cursitor-Eaton Asset Management Inc, among the first
firms to offer top-down, global asset allocation management for pension funds
and sovereign wealth funds worldwide. On selling the Cursitor group to Alliance
Capital, John became head of global asset allocation for Alliance Bernstein, with
$450 billion under management worldwide. John also founded and was chairman
of Bullrun Financial Inc, a pioneer of quantitative portfolio strategies for institutions
and advisers, now part of Quantal Inc.
Rutgers College – B.A.
Institut de Langues et Civilisation Orientale, Paris – Diplôme Langue et Culture
Chinoise
Ecole des Hautes Etudes en Sciences Sociales, Paris- Semiologie
University of London-Birkbeck – Graduate Economics
Gustaf Hagerud
Fund Manager
Before Gustaf joined Kestrel Investment Partners LLP in March 2015, he was
head of the Asset Management and deputy CEO of Third Swedish National
Pension Fund, AP3. When Gustaf left AP3, assets under management were
approximately EUR 30 billion. AP3 has investments in global equities, global
bonds, hedge funds, private equity, real estate, forestry, infrastructure and
insurance linked securities. Prior to working at AP3, Gustaf worked for ten years
with global tactical asset allocation at Alecta and AP1. Before that he held
positions at Nordea and Swedbank as a trader of fixed income instruments,
equities and foreign exchange. In total, Gustaf has 29 years of experience in the
financial industry. He holds a PhD in Finance from Stockholm School of
Economics, a MA in Economics from University of British Columbia and a BA in
Economics from the University of Stockholm. Gustaf’s research is focused on
volatility forecasting. He is also an author of a textbook on the Swedish financial
markets.
The Kestrel Global Portfolio’s experienced managers

Kestrel Global Portfolio Fund Characteristics
KGP is a daily-dealing, UCITS, Dublin registered fund authorized by
the Central Bank of Ireland
Daily-dealing UCITS in five Currencies
• The company is Irish-registered, authorized by the Central Bank of Ireland.
• The Kestrel Global Portfolio is a sub-fund of Global Reach Kestrel PLC
• The sub-fund is structured as an Open-Ended Investment Company (OEIC)
• It is governed by UCITS IV regulations
• The fund is daily-dealing
• Investment managers – Kestrel Partners LLP, authorized and regulated by the FCA
• Custodian – SMT (Sumitomo) Trustees (Ireland) Limited
• Fund administration – Maples Fund Services (Ireland) Limited
• Compliance services – Kinetic Partners

Kestrel Global Portfolio Share Classes, Fees & Expenses
KGP has one institutional and two retail share classes in GBP, USD,
EUR, CHF and SEK
*The charges figure is reported for a period during which the Fund’s net asset value averaged about £110 million
Direct
A share class
Platform
B share class
Institutional
I share class
Initial charge Up to 5% - -
Annual Management
charge 1.75% 1.25% 1.00%
Exit charges - - -
Minimum Investment £10,000 - £10,000,000
TER * 2.32% 1.82% 1.57%

Kestrel Investment Partners LLP
1 Adam Street
London
WC2N 6LE
+44 (0)20 3371 6100
info@kestrelip.com
www.kestrelip.com
Contact Us

Annex – Corporate Structure
Kestrel Partners LLP is a specialist fund management boutique owned
and managed by its partners with more than £400m under
management
Maha Dassarath
Financial Controller
Arifa Patel
Analyst
Ari Zaphiriou-Zarifi
Chairman
John Ricciardi
Partner & CEO
Max Royde
Partner
Oliver Scott
Partner
Amy Hill
Office Manager
Stephen Skillman
Financial Controller
Ian Forrest
Head of Middle Office
Monika Anderson
Head of FinanceRavi Kishore
CTO
Pramila Prasingu
Data Engineer
Sarath Kotamarthi
Data Engineer
Adam Coals
Middle Office
Helen Saunders
Middle Office
Gustaf Hagerud
Partner & Deputy CEO

Annex – John Ricciardi’s Historical Track Records
• Historical Track Record: Cursitor Management
• Chart of Global Asset Rotation Fund. June 1986 through February 1996 track record with John Ricciardi
as head of asset allocation and fund manager using his top down global investment process.
Past performance is not a guide to future performance

Annex – John Ricciardi’s Historical Track Records
• Historical Track Record: Alliance Capital
• Chart of Far East ex-Japan Equity Country Rotation Fund. February 1996 through June 2001 track record
with John Ricciardi as head of asset allocation and fund manager using his top down global investment
process.
Past performance is not a guide to future performance

21Kestrel Investment Partners LLP
Disclaimer
This presentation is only available to investors in the United Kingdom, Republic of Ireland, Sweden and Singapore. It is issued by Kestrel Partners LLP
(“Kestrel”) which is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the sole purpose of providing information about a
potential investment in the Kestrel Global Portfolio (“KGP”). Kestrel Investment Partners is a trading name of Kestrel Partners LLP. The transmission of this
presentation to any person outside the UK or Republic of Ireland is unauthorised. Kestrel acts solely for KGP in issuing this presentation.
This presentation does not constitute an offering. This presentation is meant only to provide a broad overview for discussion purposes. All information provided
here is subject to change. All investors must obtain and carefully read the Prospectus, Supplemental Prospectus, KIIDs and other formal marketing literature
relating to KGP (‘Marketing Material’), which contains the information needed to evaluate the potential investment in KGP and provide important disclosures
regarding risks, fees and expenses. All information provided herein is qualified in its entirety by the Marketing Material.
This document is confidential and solely for the use of Kestrel, its subsidiaries and affiliates. By accepting delivery of this presentation, each recipient
undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisers), without the
prior written consent of Kestrel. Kestrel is not acting as the advisor or agent of any recipient. The presentation is being made based on the understanding that
each recipient is not relying on Kestrel for any information, advice or recommendation of any kind and that the recipient has sufficient knowledge and
experience to evaluate the merits and risks of investing in equity and other financial products. The statements contained in this presentation that are not
historical facts are forward looking statements. These forward looking statements are based on current expectations, estimates and projections about the
industry and particular markets. Words such as ‘expects’, ‘targeted’, ‘anticipates’, ‘should’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘forecasts’, ‘projects’,
variations of such words and similar expressions are intended to identify such forward looking statements. The statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and returns may differ materially
from what is expressed or forecasted in such forward looking statements. All expressions of opinion are subject to change. While some information used in the
presentation has been obtained from various published and unpublished sources considered to be reliable, Kestrel does not guarantee their accuracy or
completeness and accepts no liability for any indirect or consequential losses arising from their use.
Investors and potential investors should always be aware that the price of shares in any fund and the income from them can go down as well as up. Past
performance is no guarantee of future results. Real results may vary. If you have any doubts about the suitability of KGP to your circumstances you should
seek independent financial advice.
Share prices and performance have been calculated after taking into account all charges paid by the fund including fees paid to Kestrel as well as the
distributor and promoter of the fund. No account has been taken of any other fees or charges that may be payable by the investor such as tax or advisers fees.
Past performance is not a guide to future performance. The value of investments may go down as well as up and you may not get back the full amount
originally invested.
In Switzerland, the Fund has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21
311 17 77, email: info@oligofunds.ch. The Fund’s paying agent is Swissquote Bank SA.

`Kestrel global portfolio presentation 2015 05_08

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