Giller Investments LLC Information

Giller Investments has developed a methodology for ranking and comparing the performance of alternative investments: such as hedge-funds, commodity trading advisors and commodity pools, managed futures funds and accounts, private equity, and other vehicles. We believe that many of the practitioners of alternative investments are generating returns, in part, by exposing their funds investments to a common risk factor we call the dynamic trading risk factor. We have developed a series of monthly returns that express returns due to this factor and can use this series to rank and compare alternative investment vehicles. For any particular fund, the monthly returns can be expressed as those arising from the idiosyncratic value added by the fund's managers, and, those arising from the exposure to the common risk factor that generates a common pattern of returns for all active traders. In current financial climate it is important for an investor in alternative investment vehicles to know whether they can expect a truly unique sequence of returns from their agents and how to distinguish between them. The Quant Fund Crash of August 2007; in which a large number of quant. funds, all of which had demonstrated high and consistent Sharpe Ratios in their prior performance, all lost considerable sums of money at exactly the same time; illustrates that there are systematic factors driving the returns of even the most high-tech of quant. funds and shows the importance of these metrics to an investor in alternative asset classes. ♦ For investors in alternative asset classes and alternative managers, we can rank and distinguish candidate fund returns that have been provided to you, and provide an assessment of the uniqueness of each candidate investment, to allow you as an asset allocator to make a better choice of investment. ♦ For managers of hedge funds and other investment vehicles we can provide you with a metric to demonstrate to your clients how your funds performance differs that of a typical hedge fund investment and how your clients diversification is enhanced by an investment into your particular fund. ♦ For managers of traditional investment funds and mutual funds we can provide you with a benchmark to illustrate where your performance lies in the spectrum from that of a typical hedge fund investment to that of a traditional index fund. Please contact me directly at graham@gillerinvestments.com to learn more about how our ranking and uniqueness metrics can be used to enhance your investment management process.