Arden employs a disciplined and systematic four stage research-driven process that has been carefully refined over 15 years, in managing multi-manager portfolios which are designed with the intent of producing consistent performance results with low correlation to the global equity and fixed income markets. MANAGER SOURCING   Proprietary sources, referrals, professional & personal relationships   Quantitative & qualitative screening of 8,000 + funds   2,500 + funds graduate to proprietary peer group database for further analysis DUE DILIGENCE   Over 1,500 manager contacts per year   In-depth comprehensive hedge fund analysis and due diligence   Extensive operational and risk management review   Investment committee approval of managers before investment PORTFOLIO CONSTRUCTION   Bottom-up manager assessment & selection   Top-down strategy allocation based on macro conditions   Quantitative analytics & portfolio optimization   Typical portfolio constitutes 20-35 managers MONITORING & RISK MANAGEMENT   Portfolio & manager-level monitoring & analysis   Quantitative models used to analyze risk   Stress tests, Value-at-Risk & exposure analysis   Monthly manager reviews