Fund Name : TATA Master 203 - Asset Management Project

1. Some advice before starting : • Be open mind to asset manager news flow (press) • Find out some information of typical fund you would like to manage (web screening) • Make some performance analysis on www.quantalys.com to determine relevant peer group Fund Name : TATAMaster 203 - Asset Management Project

2. Team Presentation 2

3. KIID (1 page) • Objectives and Investment Policy • Joint description of the objectives and policy of the UCITS in plain language • Essential features of the product which a typical investor should know • Asset classes with limits • Instrument used • Standardized Risk and Reward Profile • Scale • Narrative presentation of risks • See Chapt 1 Find out a commonly used investment sector for your fund 3

4. SRRI Justification (1 Page) • Describe the calculation that lead you to the final value of SRRI indicator This has to be implemented at the end 4

5. Philosophy • Describe with a professional background the fund objectives and specific approach? • What’s make you different in your investment principles from your competitor? • What an investor should expect when investing in you fund? • See chapt 2 : Investment typology 5

6. Investment Process • Investment process is the workflow that encompass investment philosophy, your data set and modelisation • Describe • The data set used in your analysis • The modelisation used to generate • Investment ideas • Optimal portfolios • Risk monitoring 6

7. Backtests • Show and analyse results of your strategy • Describe the behaviour of your fund trough different path of the market cycles • Highlight pros ands cons of your strategy 7

8. Current strategy • Describe the current market conditions and strategy of your fund. • / Actions • Conservation des fonds • Renforcement de la partie émergente • Couverture sur Nasdaq • / Une faible sensibilité aux taux Etats • Pas d’exposition aux taux d’Etat Français et Allemands • Forte sensibilité au secteur bancaire • / Le crédit encore : • Réduction des spreads sur les subordonnées bancaires • Capter une partie de la hausse des actions • Partage de la valeur ajoutée en faveur des créanciers plutôt que les actionnaires : Profiter du portage • / Les devises émergentes • Mutations en cours du système international favorable aux devises de pays bénéficiant de réserves de change importantes • / Amortisseurs • Fonds investis sur la volatilité implicite des marchés actions • Fonds Obligations internationales exposés à la zone dollar • Hausse de l’exposition USD et devises émergentes 8

9. One page reporting • Define a one A4 page risk report consistant with the caracteristics of your funds • Add some risk indicators that could help the investor to follow his risks or reach an investment decision. • Data usualy disclosed • Fund objective • SRRI • Comments on the current strategy • Main holdings • Asset / sector allocation • Risk statistics • NAV and notation • Performance chart • Performance table • Risk allocation • Technical information 9

10. Appendix 10

11. Some fund suggestions (not compulsory) Group overlay accepted under FJ discretion. Recommended breakdown: Minimum variance : 4 Balanced Risk allocation : 3 Class 4 Fund of Fund : 2 11

12. Investment universe Defineprecisely the list of assetsyou are going to trade (yourinvestmentuniverse) W master 203.XLS Funds for a Euro zone investor Diversified and FixedIncomeFunds EuropeanEquityfunds International EquityFunds Index in local currencies Equity Indexes Bond Indexes FX Interest rates Investment constraints for long only portfolios 12

13. Benchmark issue : Long only investments are equivalent to long short strategies modulo the benchmark weights The benchmark is viewed as the neutral portofolio. Hence, the benchmark must be an eligible portfolio compare to the investment constraints : w_min < w_bnch < w_max A market neutral long short portfolio is a portfolio where the benchmark is equal to the money market index. To compute the active risk of the portfolio, one must know the weights of the underlying assets or sector of the benchmark Example: Investment constraints for long only portfolios 13

14. Check list Fund Name : 14

15. Calendar • First draft presentation: email February 20th • One to one at Dauphine February 28th • Second draft presentation : e mail before March 20th • One to one at Wiseam for the less advanced groups (first yellow card) • Final presentation : e mail before marh 25th • One to one at Wiseam for inadaquate presentations (catching up) • Final score: april 1st 15