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Investments Traditional: Stocks, Bonds, long only funds on those instruments The rest is alternative investments: HF, PE,

Prperty/Infrastructure, Commods, Wine, Art, Collectibles HF: should deliver NON-MARKET CORRELATED returns -consistent returns and capital preservation -minimise overall portfolio volatility and enhance returns -less than 5% of HFs are global macro funds. Most hedge funds use derivatives only for hedging or do not use derivs at all, and many use no leverage -Winton Capital -Paulson Advantage info@aain.co.uk

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