Three Palms Corporate Review

1. Three Palms, LLC
Alternative Investment Strategies
Corporate Profile
2009
Three Palms LLC
Alternative Investment Strategies

2. Introduction
Now more than ever before, we are witnessing a growing interdependence among world economies and their respective equity
and debt markets. To effectively address this constantly changing investment environment, both private and institutional investors
are redefining and expanding their investment strategies and policies to include specialized, low-correlated forms of investing.
The proliferation of innovative financial instruments and sophisticated investment strategies has greatly expanded the portfolio and
risk management options available to investors and portfolio managers today.
At Three Palms we offer a comprehensive platform of Alternative Investment strategies and products designed to add
diversification and provide capital growth to an investors overall portfolio mix. Clients may choose from an array of Alternative
Investment vehicles which include single and multi strategy funds, investable indexes and structured products. Alternative
Investment opportunities include a broad range of Hedge Fund and Managed Futures strategies, Structured Asset products and
Private Equity offerings. In addition, Three Palms supports this platform offering clients complete portfolio development,
administration and reporting services.
Three Palms has assembled a team of investment professionals with extensive knowledge and expertise in a highly specialized
field. Our principals have, on average, fifteen years experience in Alternative Investments. This breadth of actual experience,
combined with unparalleled research, proprietary strategies and structured products, assures that clients receive comprehensive
service and unique investment programs designed to add value to their overall portfolio.
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3. Investment Philosophy and Strategy
Three Palms is committed to providing prudent investment strategies designed to meet both private and institutional investor's
need for portfolio diversification and capital growth. Our collective beliefs regarding the nature of capital markets and portfolio
management are in effect a concise statement of our investment philosophy:
We believe investment opportunities are not limited to traditional markets, strategies or instruments. Properly diversified
portfolios should include participation in Alternative Investments.
We believe allocating a portion of investable assets to Alternative Investments is the key to consistent overall portfolio
performance.
We believe successful participation in this sector requires the specialized knowledge and portfolio management expertise of
professional Alternative Investment managers.
We believe that our commitment to the research and evaluation of Alternative Investment strategies and opportunities is
paramount to our success.
We believe a multi-manager, multi-strategy approach is critical to consistent overall portfolio performance.
We believe in a dynamic investment management approach designed to optimize performance and reduce volatility by
strategically allocating and periodically re-balancing assets among selected Alternative Investment strategies and managers.
On the foundation of these beliefs, we structure, implement and manage Alternative Investment programs designed to add value
to a private or institutional investor’s overall investment portfolio.
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4. Client Roster
Three Palms and/or its affiliated entities have structured, managed or administered Alternative Investment strategies, portfolios
and products for the following entities:
The Heritage Foundation
Access International Advisors
Japan Leasing Corporation
ABN AMRO
JP Morgan
Asset Alliance
Legends Fund, LP
Australian New Zealand Bank
Nesbitt Burns (Canada)
Bank of America
Raiffeisen Vermögensverwaltungsgellschaft mbH
Bank of Montreal
San Diego County Employees Retirement Association
Bank of Seoul
Theta Futures Group
Blue River Asset Management
Toyota Tsusho Corporation
Chicago Transit Authority
University of British Columbia
Citibank
Virginia Retirement Systems
COMINCO, Ltd.
Wellspring Capital Advisors
Daiwa Futures Company
Virtus Asset Management
Dow Chemical Corporation
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5. Products and Services Overview
The specialized services provided by Three Palms reflect both the nature of the firm’s client base and the extent of its flexibility in
adapting to the specific needs of clients. Three Palms offers an array of Alternative Investment products and services designed to
diversify and enhance traditional portfolio mixes and support both private and institutional client participation in Alternative
Investments.
Platform products and services include:
Proprietary Investment Strategies
Single & Multi-Strategy Funds
Structured Products
Comprehensive Manager Due-Diligence Reviews
Portfolio Administration, Risk Management and Reporting
Three Palm's unique point of differentiation is that we leverage our human resources and Alternative Investment platform,
customizing our services to address the client’s specific mandate and investment requirements.
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6. Proprietary Investment Strategies
Three Palms offers private and institutional investors proprietary investment strategies accessed through funds and/or individual
managed account programs. Investors can choose from a diverse range of strategies and styles allowing the flexibility to actively
and strategically diversify across investment strategies, asset classes, market sectors and geographic regions while being
afforded liquidity and transparency.
Specifically, Three Palms provides:
Structured Asset Strategies
Tax Efficient Strategies
Global Managed Futures Programs
Global Managed Currency Programs
Niche Real Estate Strategies
Private Equity Opportunities
In addition, Three Palms will assist client’s in the initial asset allocation process as well as reallocations of deployed assets. An
emphasis on continued portfolio review allows Three Palms and a client to refine the initial investment strategy, respond to new
Alternative Investment opportunities, reallocate assets among existing strategies and/or, if necessary, eliminate a selected
strategy.
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7. Single and Multi-Strategy Funds
Three Palms offers private and institutional investors single and multi-strategy funds accessed through both affiliated and
independent, non-affiliated managers. Assets are strategically allocated to a composite of Alternative Investment managers and/or
funds who employ differing investment disciplines and trading methodologies.
When designing a multi-strategy portfolio, Three Palm's proprietary research and analysis focuses on the interrelationships among
the Alternative Investment strategies and/or managers. The contribution of each strategy and/or manager is assessed and
incorporated into the composite portfolio selection process. The objective is to structure a multi-manager portfolio designed to offer
more consistent performance potential with less volatility than that of any individual manager component. In general, Three
Palm's objective is to:
Employ a Multi-Strategy, Multi-Manager Approach
Preserve Capital and Maintain Consistent, Long-Term Performance
Control Downside Volatility and Risk
Achieve Strategic Market Diversification
Enhance the Client's Overall Investment Portfolio
Three Palm's multi-strategy portfolios provide private and institutional investors access to strategy and manager diversification,
active asset allocation and rebalancing in addition to overall portfolio monitoring and risk management.
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8. Structured Products
Three Palms offers private and institutional investors a range of customized structured Alternative Investment products. Using a
solution oriented process, Three Palms structures investment vehicles designed in accordance with a client’s mandate.
Structured investment programs include:
Specialized Fund of Funds
Principal Protected Notes
Investable Index Structures
Portable Alpha Strategies
Dynamic Leverage Vehicles
Rated Instruments
Tax Efficient Structures
Structured products are either managed in-house by Three Palms portfolio specialists or through the employment of third party
Alternative Investment managers selected after extensive due-diligence review for their overall investment expertise.
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9. Manager Due-Diligence Reviews
Three Palms provides clients with non-biased, third-party Alternative Investment manager due-diligence reviews. Our due-
diligence process includes review and analysis of the following:
Confidential Due-Diligence Questionnaire
Alternative Investment Manager Disclosure Document / Offering Memorandum / Customer Agreements
Program description and contracts/securities traded within the strategies and portfolios employed by each Alternative
Investment Manager
Performance records including audit review and audit procedures
Written risk management policies
On-site visits and key personnel interviews
Principal and key personnel background, reference and employment verification
Marketing and promotional materials
Regulatory registrations and current status including pending legal and regulatory issues
Daily performance data and month-end account statements
Corporate financial statements and audits
Three Palms compiles all gathered information into a comprehensive due-diligence report describing the Alternative Investment
manager and the strategy or strategies being offered.
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10. Portfolio Administration, Monitoring and Reporting
Our tenure in the Alternative Investment industry and our practical experience operating Alternative Investment funds has given
Three Palms principals and associates a thorough understanding of the specific needs of both private and institutional clients. We
are able to minimize a clients involvement in administration, back office and accounting so they can focus on the management and
allocation decisions for their overall asset mix.
Specifically, Three Palms provides clients with complete portfolio administration, monitoring and reporting services to simplify the
challenges of data gathering, strategy integration, performance and risk analysis. Services include:
Weekly or monthly reporting
Daily portfolio monitoring and analysis
Custom integration of multiple data sources into single weekly reports
Web based password protected client and portfolio reporting
Interface with industry professionals (i.e., Prime Brokers, Lawyers, Auditors, Offshore Administrators)
Three Palm's administration platform is designed to interface with multiple prime brokers, futures commission merchants (FCMs),
Alternative Investment managers, Hedge Funds and custodians integrating position data with market data to provide weekly
reports across multiple time zones and international markets.
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11. Distinguishing Characteristics
The principals of Three Palms, on average, have over eighteen years experience in the Alternative Investment industry.
Proprietary Alternative Investment strategies and programs.
Internally generated and maintained Alternative Investment manager database.
Expertise in the identification, evaluation, selection and ongoing management of independent Alternative Investment
strategies and managers.
Extensive quantitative and qualitative analysis of United States and internationally based Alternative Investment managers.
Strategically designed multi-manager, multi-strategy investment portfolios.
Ongoing research and a commitment to the identification of niche strategies and emerging Alternative Investment managers.
Diligent monitoring and review of implemented strategies and multi-manager portfolios.
Established infrastructure offering internal administration, accounting and reporting services.
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12. Key Professionals
Three Palm's specialized team consists of sixteen professionals with years of practical experience in Alternative Investments.
Management and supporting associates are comprised of portfolio managers, research analysts, financial engineering specialists,
in addition to operational, accounting and technology staff. The core management team includes the following individuals:
Patrick F. Hart III
Patrick F. Hart III is founder, Chief Executive Officer and Managing Partner of Three Palms, LLC. and its wholly owned subsidiary, Palm Portfolio Management,
LLC. In addition, Mr. Hart is the Chief Executive Officer and President of Hart International Holdings and its affiliated companies Hart Financial Group, LLC,
Hart Asset Management Group, Inc., Bigelow & Hart Capital Management, LLC and Hart Administration Services, LLC. Mr. Hart has been involved in the
Alternative Investment industry for over twenty-three years, having specialized in the designing, implementing and managing structured Hedge Fund products
for private and institutional clients. Mr. Hart is a controlling principal of Hart Financial Group, LLC and Hart Asset Management Group, Inc. Mr. Hart is also
Senior Managing Director of Bigelow & Hart Capital Management, LLC, a Registered Investment Adviser specializing in fixed income and Municipal Bond
investment strategies. The firm currently manages and administers the Blue River Funds that consist of taxable and Municipal Bond portfolios in excess of
US$12 billion. Mr. Hart is also Managing Partner of Hart Administration Services, LLC, which provides administration, accounting and reporting services to
Alternative Investment managers and funds. Mr. Hart is a member of the Managed Funds Association and served nine years on the Introducing Broker
Advisory Committee of the National Futures Association (“NFA”). Additionally, he has served periodically on the NFA Arbitration and Nominating Committees
since 1988. Mr. Hart is a frequent guest speaker at international conferences and symposiums on Alternative Investment Strategies. In addition, Mr. Hart has
written numerous articles in leading investment publications and is a contributing author to the “Handbook of Managed Futures--Performance, Evaluation and
Analysis” (McGraw-Hill 1997). Mr. Hart serves on the Board of the Colorado Chapter of Hedge Fund Cares, a not for profit organization comprised of Hedge
Fund industry professionals committed to protecting children from abuse and neglect. Mr. Hart received a Bachelor of Science Degree in Economics from
Colorado State University in 1983 and he is licensed with the NASD and the CFTC and holds Series 3, 7 and 63 certifications.
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13. Key Professionals
Michael B. Egan II
Michael B. Egan II is Managing Director of Three Palms, LLC where he is responsible for client development. In addition, Mr. Egan is Senior Vice President
and Director of Research for Hart Financial Group, LLC. Mr. Egan joined Hart Financial Group in 1990 and is responsible for supervising the quantitative and
qualitative analysis and coordinating the due-diligence processing of Alternative Investment Managers utilized in the firm’s investment strategies and Structured
Products. Mr. Egan also assists with business development activities. In addition, Mr. Egan is Senior Vice President and Managing Director of Bigelow & Hart
Capital Management. Mr. Egan serves on the Board of the Colorado Chapter of Hedge Fund Cares, a not for profit organization comprised of Hedge Fund
industry professionals committed to protecting children from abuse and neglect. Mr. Egan is licensed with the CFTC and holds a Series 3 certification. Mr.
Egan received a Bachelor of Science degree in Finance from Colorado State University in 1990.
Robert H. Armstrong
Robert H. Armstrong is Chief Financial Officer of Three Palms, LLC where he is responsible for all activities related to client administration, accounting and
reporting. Mr. Armstrong is also Senior Vice President of Finance and Operations for Hart Financial Group, LLC and Bigelow & Hart Capital Management,
LLC. Prior to joining Hart Financial Group, Mr. Armstrong spent ten years as an independent financial consultant advising small and rapidly growing
companies in all aspects of financial management. His clients included companies in the telecommunications and food service industries. Mr. Armstrong also
spent four years as Assistant Treasurer for Nu-West Industries, Inc., a publicly traded Chemical Fertilizer Manufacturer. Mr. Armstrong began his career as an
auditor with Deloitte & Touche in Denver. Mr. Armstrong received a Bachelor of Science Degree in Business Administration from The Ohio State University in
1984.
Steven J. Lerohl
Steven J. Lerohl is Chief Information Officer of Three Palms, LLC. In addition, Mr. Lerohl is Senior Vice President and Director of Information Services for Hart
Financial Group, LLC and Bigelow & Hart Capital Management, LLC. In this capacity, Mr. Lerohl has designed and developed a proprietary Hedge Fund
portfolio administration and accounting software platform for Hart Financial Group, Bigelow & Hart Capital Management and Three Palms. Mr. Lerohl manages
the Information Technology infrastructure and oversees the web based client and portfolio reporting functions of the firm. Prior to joining Hart Financial Group
in 1994, Mr. Lerohl was Manager of Loan Systems and Senior Database Analyst at Columbia Savings. Mr. Lerohl developed custom applications to administer
the bank’s residential and commercial loan portfolios. Before his employment at Columbia Savings, Mr. Lerohl was an Associate Manager for six years at
Great-West Life where he conducted internal audits and financial analysis for the Group Pension Division. He began his career as an auditor for Ernst &
Young in Denver. Mr. Lerohl received a B.A. degree in Biological Sciences from the University of Chicago in 1975, and an M.B.A. from the University of
Chicago Graduate School of Business in 1977.
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14. Three Palms, LLC
& Affiliated Entities
Three Palms, LLC and its affiliated entities:
Three Palms, LLC
Palm Portfolio Management, LLC
Palm Asset Management, LLC
Hart Administration Services, LLC
Hart Financial Group, LLC
Pyxis Global Financial Services, LLC
The Palm Funds
Bigelow & Hart Capital Management, LLC
Palm Real Estate Ventures, LLC
Blue River Funds
Palm Manufactured Housing Partners, LLLP
Palm MH Partners (BVI), Ltd
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15. Professional Registrations
Professional registrations of Three Palms, LLC and its affiliated companies include:
Securities & Exchange Commission
Registered Investment Advisor
State of Colorado
Registered Investment Advisor
Commodity Futures Trading Commission
Registered Commodity Trading Advisor
Registered Commodity Pool Operator
National Futures Association
Member
Managed Funds Association
Member
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16. Professional References
Professional references for Three Palms, LLC and its affiliated companies include:
Legal
Rothgerber, Johnson & Lyons, LLP Philip A. Feigin
One Tabor Center (303) 623-9000
1200 Seventeenth Street, Suite 3000
Denver, CO 80202
Auditors
Deloitte & Touche Steve Conrad
555 Seventeenth Street, Suite 3600 (303) 312-4143
Denver, CO 80202
Banking
Guarantee Bank & Trust Karin Blosmuss
3301 E. First Avenue (303) 296-9600
Denver, CO 80206
* Personal and client references available upon request
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17. Contact Information
Independence, objectivity, exhaustive analysis and disciplined investment strategies have earned Three Palms and its affiliated
entities an international reputation as a provider of performance-oriented strategies and products. For more information please
contact:
Three Palms, LLC
700 Seventeenth Street
Suite 2400
Denver, Colorado 80202
Attn: Michael B. Egan II
(303) 629-1100 ext. 1209
(303) 226-1334 direct
michael@threepalms.com
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