Exhibit 16

Manager of Emerging Managers Overview

The history, role, trends, and related best practices associated with the Progress/SURS relationship
Presented to:
The Board of Trustees and Investment Staff
State Universities Retirement System of Illinois

Progress Presenters:
Thurman White, Jr.
Chief Executive Officer
Mona Williams
Executive Vice President
March 14, 2012

Changing the Face of the Investment Management Industrysm

www.progresinvestment.com

Exhibit 16

Discussion Overview

Who We Are

History of the SURS/Progress Relationship

Our Role as Your Manager of Emerging Managers

Four Key Areas of Focus for Our Partnership

Benchmarking Against Other Plans

Best Practice Considerations

Note: The information contained in this presentation is confidential and legally privileged information intended only for the use of the individual or entity.

Changing the Face of the Investment Management Industrysm

Exhibit 16

A Snapshot View of Progress

Mission
We craft innovative alpha
strategies by discovering,
developing, combining
and empowering dynamic
teams of highly skilled
investment professionals to
deliver excellence for all
stakeholders.

Independent, 100% employee-owned MWBE-certified registered investment adviser.

$7 billion in AUM as of February, 2012
Pioneer and leading manager of emerging managers: 22 years
What differentiates our firm and benefits SURS:

Culture: Bold vision for change, empowerment and inclusion. Value-centric leadership model to set
high performance expectations.

Depth and Breadth of Experience: 22 years - different asset classes, customized client investment
models, hired/fired over 125 emerging managers and graduated 35 managers to direct hire
assignments.

Organizational Scale/Capacity/Resources: Intellectual capital, research database, due diligence,

systems and analytic tools, client reporting and monitoring oversight to manage multiple mandates.
Capacity for growth.

Knowledge Advantage: Manager due diligence and selection. Portfolio construction and risk
management. Manager assistance to mitigate emerging manager business and investment
risks/empower managers.

Consultative and Adaptive to a Broad Range of Client Needs: Extension of staff and responsive high
touch service. Knowledgeable about various public policy requirements and environments.

Alpha Focus: Fiduciary mindset. Performance matters.

People: Experienced and committed employee-owners.

Vision
To be the company most
known for Changing the
Face of the Investment
Management Industry

Values
Excellence
Integrity
Leadership
Diversity
Teamwork

Non-Investment Alpha: Thought leader. Share best practices with all stakeholders: clients, managers,
consultants and MWBE brokers.

Changing the Face of the Investment Management Industrysm

Exhibit 16

Our Clients, Assets, and Products: $7 Billion

As of February 29, 2012

Public
California Public Employees Retirement System
California State Teachers Retirement System
County Employees and Officers Annuity & Benefit Fund of Cook County
Illinois Municipal Retirement Fund*
Los Angeles City Employees Retirement System
Maryland State Retirement and Pension System*
Milwaukee County Employees Retirement System
New York City Employees Retirement System*
New York City Board of Education Retirement System
New York City Fire Department Pension Fund
New York City Police Pension Fund
New York City Teachers Retirement System
New York State Common Retirement Fund*
New York State Teachers Retirement Fund
Public School Teachers Pension & Retirement Fund, Chicago
State of Connecticut Retirement Plans and Trust Funds*
State Universities Retirement System of Illinois*
Virginia Retirement System

Commingled Funds vs.

Separate Accounts
Private Equity
$4mm

Asset Type
Global Equity
Private Equity
$175mm
$4mm
Small Cap Equity
$560mm

Commingled
$177mm

Balanced
$161mm

Int'l Equity
$323mm
Fixed Income
$1,378mm
Mid Cap Equity
$1,182mm
All Cap Equity
$2,675mm

Separate
$6,278mm

Corporate
AON Corporation**
Bank of America
The Boeing Company*
The Coca-Cola Company
Ford Motor Company
General Electric Pension Trust*
Liberty Mutual Group
PPL Corporation

Client Type

Corporate
$1,170mm

Foundation/Endowments and Other

Board of Pensions, Evangelical Lutheran Church in America
The Boul Foundation
Laborers District Council Construction Industry Pension Fund
Massachusetts Bay Transportation Authority Retirement Fund*
W.K. Kellogg Foundation

Other
$80mm

Products
Domestic, Non-U.S. and Global Equities
Small, Mid and All Capitalization
Value, Core and Growth

Domestic Fixed Income

Public
$5,208mm

Core, Core Plus and High Yield

Alternative Investments
Private Equity

* Multiple-Strategy Clients
** Funding Pending for 1st Quarter 2012

In Development
Emerging Opportunities Fund
Hedge Fund Program

Changing the Face of the Investment Management Industrysm

Exhibit 16

Our Role as SURS Emerging Manager of Managers

Achieve investment and related policy objectives as outlined in our

Investment Management Agreement;

Leverage our 22 years of experience as a Manager of Emerging

Managers to assist SURS in achieving its diversity goals as
legislated by Illinois Public Act 96-006;

Serve as a complement to the internally managed Manager

Diversity Program;

Identify the best, most talented, and most promising MFDV firms
in the industry today, focusing initially on smaller firms that are
often excluded from direct hire consideration;

Construct our All Cap, U.S. Equity, Fixed Income, and International Equity portfolios using prudent processes and high
fiduciary standards and actively manage and monitor these portfolios with the policy objectives and program goals in
mind;

Provide hands-on manager assistance in order to develop graduation-ready candidates and over time, develop a pool of
managers who have demonstrated a capacity to become viable, long-term partners from which SURS can source direct
hire candidates;

Create an evergreen platform, giving new firms the opportunity to participate in the spaces vacated by the graduated
firms;

Be ever focused on excess alpha generation.

Changing the Face of the Investment Management Industrysm

Exhibit 16

Providing Diversification Through a Single Point of Contact

SURS

Source the highest potential managers

Manage and monitor to investor guidelines

Conduct robust due diligence and

ongoing monitoring

Deliver risk-adjusted alpha

Manage tracking error
Be evergreen/graduation focused
Serve as an extension of staff

Mitigate business risk

Streamline hiring and firing
Provide business assistance and coaching
Provide efficient, cost-effective access

Changing the Face of the Investment Management Industrysm

Exhibit 16

Our Partnership History and Highlights

Partnership began in 1995 with an initial allocation of $5 million in our Private Equity Fund of Funds product.

In 1997, SURS invested $55 million across various Commingled Funds.

In December of 2007 Progress won a re-bid via RFP; In April 2008 the assets, valued at $183 million, were transitioned
from the Commingled Fund investments into three separate account productsU.S. Equity All Cap Core, U.S. Fixed
Income, and Non-U.S. Equitythat mirrored SURS larger asset allocation.

In July 2008, SURS allocated assets to Ativo Capital Managements Non-U.S. Equity product and engaged Progress to
monitor and coach the manager through their stage of early institutional development.

In September 2010, Progress partnered with SURS and other local pension funds to host an educational symposium on
MFDV broker/dealer firm usage.

In December 2010, Ativo Capital Managements Non-U.S. Equity product was graduated into SURS direct program.

As of February 29, 2012, SURS total market value was $477 million.

All of the Progress portfolios managed for SURS have outperformed since inception.

We have provided opportunities to 67 highly-qualified, diverse managers to manage assets on behalf of SURS: 18
African American-owned firms, 13 Latino American-owned firms, 6 Asian American-owned firms, 20 woman-owned
firms, 9 emerging firms, and 1 Native American-owned firm a record of inclusion and utilization that SURS should be
proud of.

Changing the Face of the Investment Management Industrysm

Exhibit 16

Why Emerging Managers Continue to be a Strong, Diversified Source of Alpha

Characteristics:

Performance Advantage:

Small, entrepreneurial and independent

firms promote return, not fee, driven
cultures and decisions

Greater returns for early stage investors:

Research indicates that younger funds
outperform older funds by up to 250 bps
(annualized)

Alignment of personal, professional and

economic interests

Absence of bureaucracy allows them to

move quickly

Smaller firms have demonstrated a

performance advantage during both bull
and bear periods

Limiting opportunity set to large firms can

eliminate as much as 40% of top quintile
performers

Trading and liquidity advantage: Smaller

positions allow emerging managers to
trade efficiently and with less market
impact

Capacity advantages

New product launch advantages

quicker to market

CONFIDENTIAL: NOT FOR DISTRIBUTION OR REPRINT

Changing the Face of the Investment Management Industrysm

Exhibit 16

The Progress Database: Examining the Opportunity Set of Managers

Size and Style Matrix

0-50
50-100
100-500
500-1,000
1,000-2,000
2,000-5,000
5,000 and Above
G r and T ot al

All Cap Core

All Cap Growth
All Cap Value
Alternatives
Fixed Income Core
Fixed Income Core Plus
Fixed Income High Yield
Fixed Income Other
Hedge Fund
International/Global Equity
Large Cap Core
Large Cap Growth
Large Cap Value
Micro Cap Core
Micro Cap Growth
Micro Cap Value
Mid Cap Core
Mid Cap Growth
Mid Cap Value
Other Equity
Small Cap Core
Small Cap Growth
Small Cap Value
SMID Cap Core
SMID Cap Growth
SMID Cap Value
G r and T ot al

A fr i c an
A me r i c an
55
22
21
18
26
16
158

A fr i c an
A me r i c an
1
2
1
11
2
3
13
5
12
6
23
15

1
6
11
10
5
5
12
10
3
1
158

A si an
A me r i c an
16
1
21
15
11
10
74

A si an
A me r i c an
2
3
2
2
2
3
1
4
12
6
7
5

4
5
2
8
4
2
74

E me r gi ng
167
37
253
129
167
274
94
1121

E me r gi ng
42
36
45
13
46
9
20
61
41
98
86
100
106
8
9
5
21
27
26
64
49
69
78
12
35
15
1121

Lat i no
A me r i c an
16
13
2
5
15
51

Lat i no
A me r i c an
1
3
2
1
7
1
1
4
3
5
1
4
4

1
1
2
2
3
3
2

51

Mai n
st r e am
1

13
121
135

Mai n
st r e am
2

Mi nor i t y
(O t he r )
1

N at i v e
A me r i c an
2

Mi nor i t y
(O t he r )

N at i v e
A me r i c an

1
6
5
7
4
7
7
4
8
6
6
8

1
1
2
4
35
3
4
7
2
1
5
135

2
1
1
1
1
1

1
1

U nknow n
116
6
19
9
17
32
13
212

U nknow n
4
4
1
17
5
1
4
9
7
15
19
13
12
2
2
2
3
1
57
10
12
4
3
4
1
212

Ve t e r an/
Di sabl e d +
Mi nor i t y
2

4
Ve t e r an/
Di sabl e d +
Mi nor i t y

1
1

1
1

Wome n
50
11
75
18
16
26
12
208

Wome n
10
6
3
2
7
1
8
13
6
24
19
28
16
1

8
9
1
4
14
11
6
3
4
4
208

Wome n+
Mi nor i t y
6
7
4
1
8
2
0
28

Wome n+
Mi nor i t y

1
1
3
1
1
7
3
3
2

1
2
1

28

All
432
62
407
197
254
388
266
2006

All
62
55
58
42
90
22
47
109
73
182
147
185
170
9
11
10
39
58
47
173
86
121
114
24
47
25
2006

Manager Research
and Focus List (Strategies)
Total
Universe
1,937

Research
List
288

Buy List
128

Funded
List
95

Specifications
1,937 Strategies; All developing managers with less than $10B; All woman- and minority-owned managers; At least 51% independently-owned;
Registered Investment Advisors only. As of December 31, 2011.

Changing the Face of the Investment Management Industrysm

Exhibit 16

Leveraging our Relationship: Accessing and Creating Manager Supply

Progress can be of greater assistance to SURS with respect to addressing manager under-representation by:

Working with SURS to leverage strategic relationships with key diversity groups and organizations, i.e., New
America Alliance (NAA), National Association of Securities Professionals (NASP), Asian American Association of
Investment Managers (AAAIM), Council of Urban Professionals (CUP), The Toigo Foundation and The Executive
Leadership Council (ELC);

Working with SURS to ensure that these groups are aware of professional opportunities with SURS and that SURS
is aware of resources available within these organizations;

Convening special purpose meetings with these groups as a way of solutions-oriented brainstorming;

Being available, if requested and deemed appropriate, to attend meetings with SURS staff and these
organizations in order to provide input and perspective;

Exploring seeding and incubation vehicles, such as the Emerging Opportunities Fund, that address the lack of
access to capital for new firm formations and provide assets to manage for newly launched firms and products.

Changing the Face of the Investment Management Industrysm

10

Exhibit 16

Leveraging our Relationship: The Senate Hearings

Progress can be of greater assistance to SURS with respect to the Senate Hearings by:

Being a more integral part of the collection and analysis of SURS diversity data;

Assisting with the development of the narrative and visual illustrations of the data;

Helping SURS more fully highlight its diversity utilization improvements, success stories, and overall inclusion
achievements;

Being available, if requested and deemed appropriate, to participate as part of the SURS presenting team
at future Senate Hearings;

Being available, if requested and deemed appropriate, to attend informational update meetings with
members of the Senate Committee on Pensions and Investments.

CONFIDENTIAL: NOT FOR DISTRIBUTION OR REPRINT

Changing the Face of the Investment Management Industrysm

11

Exhibit 16

Leveraging our Relationship: MFDV Broker/Dealer Firm Utilization

Progress can be of greater assistance to SURS with respect to increasing MFDV brokerage utilization by:

Making the below list available to all SURS managers, not just the managers on the Progress platform;

Co-authoring a study with the appropriate subject matter expertssimilar to those on the performance
advantage of emerging managersto highlight the capabilities of MFDV brokerage firms for use by SURS
and other Illinois pension funds;

Working with SURS to convene more educational symposiums that bring managers and brokers together.

While Progress does not recommend brokerage firms to its funded managers, we are very cognizant of the value
of and need for diverse service providers; we actively collect information on MFDV broker/dealers and disseminate
this information to our funded managers as a way of facilitating access to MFDV brokerage firms; due diligence is
the responsibility of the funded manager.
Currently, there are 111 MFDV brokerage firms in our database:

1 African/Asian-owned firm
48 African American-owned firms
8 Asian American-owned firms
4 Disabled Veteran-owned firms
17 Latino American-owned firms
2 Native American-owned firms
31 Woman-owned firms

CONFIDENTIAL: NOT FOR DISTRIBUTION OR REPRINT

Changing the Face of the Investment Management Industrysm

12

Exhibit 16

Leveraging our Relationship: Reporting on SURS Achievements

Progress can be of greater assistance to SURS with respect to communicating its diversity improvements,
successes and achievements by:

Working with SURS to develop a standard report, based on the data collected annually in advance of the
Senate Hearings, that tracks usage, captures trends, and highlights milestones and achievements that could
be provided to interested parties, such as members of the Senate Committee on Pensions and Investments

CONFIDENTIAL: NOT FOR DISTRIBUTION OR REPRINT

Changing the Face of the Investment Management Industrysm

13

Exhibit 16

Widespread and Growing Utilization of Emerging Managers

The following is a representative list of known U.S. Pension Plans that have committed assets to emerging manager strategies:
1199 SEIU Employees Benefit and Pension Funds

Minnesota State Board of Investment

Alameda County Employees Retirement Association

Municipal Employees Annuity & Benefit Fund of Chicago

Arkansas Teacher Retirement System

New York City Board of Education Retirement System

Bank of America Corporation

New York City Employees Retirement System

Boeing Company, The

New York City Fire Department Pension Fund

Boul Foundation

New York City Police Pension Fund

California Public Employees Retirement System

New York State Common Retirement Fund

California State Teachers Retirement System

New York State Teachers Retirement System

Chicago Policemens Annuity & Benefit Fund

Ohio Public Employees Retirement System

Chicago Teachers Pension Fund

Oregon Public Employees Retirement Fund

City of Kansas City Employees Retirement System

Pennsylvania Public School Employees Retirement System

City of Philadelphia Board of Pensions and Retirement

Pennsylvania Treasury Department, The

Coca Cola Master Retirement Trust

PG&E Corporation

Contra Costa County Employees Retirement Association

PPL Services Corporation

Cook County Employees

Public School Teachers Pension & Retirement Fund of Chicago

Detroit General Retirement System

San Antonio Fire & Police Pension Fund

District of Columbia Retirement Board

San Francisco City & County Employees Retirement System

Exelon Corporation

San Joaquin County Employees Retirement Association

GE Asset Management

Seattle City Employees Retirement System

Illinois Municipal Retirement Fund

Shell Oil Company

Illinois State Board of Investment

State of Connecticut Retirement Plans & Trust Funds

Indiana Public Employees Retirement Fund

State Universities Retirement System of Illinois

Liberty Mutual Retirement Benefit Plan

Teacher Retirement System of Texas

Los Angeles City Employees Retirement System

Teachers Retirement System of the City of New York

Los Angeles County Employees Retirement Association

Teachers Retirement System of the State of Illinois

Maryland State Retirement & Pension System

Verizon Communications, Inc.

Massachusetts Bay Transportation Authority Retirement Fund

W.K. Kellogg Foundation

CONFIDENTIAL:Michigan
NOT FOR DISTRIBUTION
DepartmentOR
of REPRINT
Treasury

Changing the Face of the Investment Management Industrysm

14

Exhibit 16

Ten Best Practice Strategies for Investing in Emerging Managers

1.

Dont treat Emerging Managers as separate or different its all about performance

2.

Incorporate the Emerging Manager program into the plans overall investment policy

3.

Let performance dictate the size of the allocation to emerging manager strategies over time

4.

Be proactive in considering emerging manager sources of alpha

5.

Be dynamic about the size definition of emerging managers

6.

Clarify how that definition will operate

7.

Stimulate product innovation through program flexibility fund emerging products and emerging firms

8.

Extend emerging manager allocations across asset classes

9.

Consider how best to use your Manager of Managers to complement your direct program

10. Establish a well-defined graduation policy

Changing the Face of the Investment Management Industrysm

15

Exhibit 16

Appendix

Exhibit 16

Equity | Asset Distribution and Performance

As of January 31, 2012

Cumulative P e r for mance (% ):

Manage r
S URS Equity ( G ROS S )
S JURS Equity (NET )
Russe ll 3 00 0 Inde x

S tyle

Annualiz e d Re tur ns*: P e r iod Ending Januar y 2 0 12

1
3
6
1
3 S ince
Month Month Month
YT D
Ye ar
Ye ar Ince pt
5 .86
5 .82
5 .05

6 .4 5
6 .3 3
5 .6 3

1 .3 4
1 .1 1
2 .1 2

5.8 6
5.8 2
5.0 5

5.32 2 0 .02
4.83 1 9 .46
3.86 2 0 .24

Ince pt.
Date

2 .1 3 0 5/0 1/20 0 8
1 .6 5 0 5/0 1/20 0 8
1 .3 3

Annualiz e d Ex ce ss Re tur ns*

1
3
6
1
3 S ince
Month Month Month
YT D
Ye ar
Ye ar Ince pt
0 .8 1
0 .7 7
-

0.8 2
0.7 0
-

-0.78
-1.01
-

0 .81
0 .77
-

1 .4 6
0 .9 7
-

-0 .2 2
-0 .7 8
-

0.8 0
0.3 2
-

No te: Returns are final. (*) A nnualized fo r perio ds 1year and lo nger.
Returns reflect the reinvestment o f dividends and earnings. Index perfo rmance includes the reinvestment o f dividends and earnings.
P ast perfo rmance is no guarantee o f future results.

Changing the Face of the Investment Management Industrysm

17

Exhibit 16

Fixed Income | Asset Distribution and Performance

As of January 31, 2012

P ortfolio Allocation
29.37%

70.63%
FI Core

Cumulative P er for mance ( % ):

Manager
S URS F ix e d (G ROS S )
S URS F ix e d (NET )
Bar clays Capital U.S .Aggr e gate

Style

FI Core Plus

Annualiz e d Re tur ns*: P e r iod Ending Januar y 2 0 1 2

1
3
6
1
3 Since
Month Month Month
YT D
Year
Ye ar Incept
1 .3 2
1 .2 8
0 .8 8

1 .9 1
1 .7 9
1 .9 0

4 .0 0
3 .7 6
4 .2 5

1 .3 2
1 .2 8
0 .8 8

8 .5 5
7 .9 7
8 .6 8

8 .8 8
8 .3 0
7 .4 1

Incept.
Date

7 .6 0 0 5/0 1 /2 0 0 8
7 .0 4 0 5/0 1 /2 0 0 8
6 .5 4

Annualiz ed Ex cess Retur ns*

1
3
6
1
3 S ince
Month Month Month
YT D
Year
Year Incept
0 .4 4
0 .4 0
-

0 .0 1
-0 .1 1
-

-0 .2 5
-0 .4 9
-

0 .4 4
0 .4 0
-

-0 .1 3
-0 .7 1
-

1 .4 7
0 .8 9
-

1 .06
0 .50
-

No te: Returns are final. (*) A nnualized fo r perio ds 1year and lo nger.
Returns reflect the reinvestment o f dividends and earnings. Index perfo rmance includes the reinvestment o f dividends and earnings.
P ast perfo rmance is no guarantee o f future results.

Changing the Face of the Investment Management Industrysm

18

Exhibit 16

Non-U.S.| Asset Distribution and Performance

As of January 31, 2012

Cumulative P e r for mance (% ):

Manage r
S URS Non-US (G ROS S )
S URS Non-US (NET )
MS CI EAF E Inde x

S ty le

Annualiz e d Re tur ns*: P e r iod Ending Januar y 2 01 2

Annualiz e d
1
3
6
1
3 S ince
Ince pt.
1
3
6
Month Month Months
YT D
Ye ar
Ye ar Ince pt
Date
Month Month Month
6 .51 0.9 1 -1 0 .08 6.5 1 -7 .8 6 1 7 .87 -3 .18 05 /01 /20 0 8 1 .1 6 1 .5 9 0.25
6 .47 0.7 9 -1 0 .30 6.4 7 -8 .0 9 1 7 .41 -3 .59 05 /01 /20 0 8 1 .1 2 1 .4 7 0.03
5 .35 -0.6 8 -1 0 .33 5.3 5 -9 .1 8 1 3 .89 -6 .14
-

Ex ce ss Re tur ns*
1
3 S ince
YT D
Ye ar
Ye ar Ince pt
1.1 6 1 .3 2 3 .98 2.9 6
1.1 2 1 .0 9 3 .52 2.5 5
-

No te: Returns are final. (*) A nnualized fo r perio ds 1year and lo nger.
Returns reflect the reinvestment o f dividends and earnings. Index perfo rmance includes the reinvestment o f dividends and earnings.
P ast perfo rmance is no guarantee o f future results.

Changing the Face of the Investment Management Industrysm

19

Exhibit 16

Bibliography of Research Papers on Emerging Managers

Aggarwal, Rajesh K. and Philippe Jorion. The Risk of Emerging Hedge Fund Managers. The Journal of Investing 18, no. 1 (2009): 100-107. (Winner Best Article Progress Emerging Manager Research Prize).
Allen, Gregory C. Does Size Matter? Assets under management a questionable criterion. The Journal of Portfolio Management (Spring 2007): 57-62.
Anonymous. Achieving Market Share Growth Through Investment Consulting Relationships An Action Plan for Minority and Developing Investment Managers.
Commissioned by Watson Wyatt Investment Consulting for the Robert Toigo Foundation, June 2004.
. Affirmative Investing: Women and Minority Owned Hedge Funds. Hedge Fund Pulse, Barclays Capital, June 2011.
. Emerging Manager Out-Performance: Alpha Opportunities from the Industrys Newest Hedge Fund Managers. HRF Asset Management, LLC, 2005.
. LACERS Emerging Broker Initiative. Los Angeles City Employees Retirement System Research, New America Alliance for the 5th Annual Wall Street Summit,
October 2005.
. Performance Characteristics of Emerging Managers 2006. Leading Edge Investment Advisors Research Update, 2006. http://leia.net
. The Quest for Emerging Alpha. Global Pensions (July 2005): 31.
Bates, Dr. Timothy and Dr. William Bradford. Minorities and Venture Capital: A New Wave in American Business. Report for the Ewing Marion Kauffman Foundation,
2003. http://www.kauffman.org/research-and-policy/minorities-and-venture-capital.aspx
. The Viability of the Minority-Oriented Venture Capital Industry Under Alternative Financing Arrangements. Research paper, Department of Finance, University
of Washington, Seattle, WA, 2001.
Beckers, Stan and Greg Vaughan. Small Is Beautiful An attempt to quantify the comparative disadvantage of large asset managers. The Journal of Portfolio
Management (Summer 2001): 9-17.
Chang-Ross, Christopher. Pushing for Progress: Pursuing Equity in the Equity Arena. Cityflight Newsmagazine, June 2002, 33.
Granger, Kevin and Clayton Jue. CALSTRS Attitudes to Diversity in the Investment Management Industry. A survey for California State Teachers Retirement
System, facilitated by Leading Edge Investment Advisors, LLC and Anira Advisory Group, LLC, Summer 2005.

continued . . .

Changing the Face of the Investment Management Industrysm

20

Exhibit 16

Bibliography of Research Papers on Emerging Managers

. CALSTRS Attitudes to Diversity in the Investment Management Industry. A survey for California State Teachers Retirement System, facilitated by Phocas
Financial Corporation, LLC and Leading Edge Investment Advisors, LLC, Summer 2006.
Jones, Meredith A. Update to An Examination of Fund Age and Size and Its Impact on Hedge Fund Performance. The Journal of Investing 18, no. 1 (Spring 2009):
108-114. Sponsored by Progress Investment Management Company.
Jue, Clayton, CFA. Seven Attributes of Great Performing Managers. Leading Edge Investment Advisors, LLC. http://www.leia.net
Kao, Irene. Building the Market for Mission: A Case Study for W.K. Kellogg Foundation Emerging Managers Program. A study in partnership with Tides for the W.K.
Kellogg Foundation, January 2012.
Keenan, Charles. Bantam Boosters. Institutional Investor (January 2004): 101-102.
Krum, Ted. Potential Benefits of Investing with Emerging Managers: Can Elephants Dance? Insights On... A Northern Trust Global Advisors Publication, 1995.
http://www.northerntrust.com
. Potential Benefits of Investing with Emerging Managers: Can Elephants Dance? Insights On... A Northern Trust Global Advisors Publication, March 2006.
http://www.northerntrust.com
. Potential Benefits of Investing with Emerging Managers: Can Elephants Dance? The Journal of Investing 16, no. 1 (Spring 2007): 8-14.
. Emerging Managers | Hold Their Edge Versus Elephants. Insights On... A Northern Trust Global Advisors Publication, July 2009. http://www.northerntrust.com
. Emerging Managers | No Contest: Emerging Managers Lap Investment Elephants. Insights On... A Northern Trust Global Advisors Publication, September 2010.
http://www.northerntrust.com
Newsome, Jr., Lorenzo and Pamela A. Turner. Is Age Just a Number: The Performance of Emerging Fixed Income Managers. The Journal of Investing 18, no. 1
(Spring 2009): 115-125.

continued . . .

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Exhibit 16

Bibliography of Research Papers on Emerging Managers

ODowd, Paul. Emerging Managers Performance Edge Fades. FundFire, August 7, 2009.
http://www.fundfire.com/articles/20090807/emerging_managers_performance_edge_fades
Parker, Sandra, et al. A Review of Developing Managers and Developing Manager Programs. A PCA Research Brief, Pension Consulting Alliance, Inc., July 2003.
Snigaroff, Robert and David Wroblewski. The End of the Boutique: Concentration in the Institutional Asset Management Industry. The Journal of Investing 18,
no. 1 (Spring 2009): 126-134.
Tuck School of Business at Dartmouth, Team of MBA students. The 4Ps of Emerging Manager Selection. Emerging Manager Monthly, September 2010.
http://www.emergingmanagermonthly.com
Urbani, Peter. Emerging Managers Continue to Deliver on Their Promise. Infiniti Capital Research Paper, 2008.
Various authors. Small Isnt What It Used To Be: The Changing Face of Smaller Investment Firms. Progress Investment Management Company Research Paper,
June 2003. http://www.progressinvestment.com
White, Jr., Thurman Vernon. From Diversity to DiversificationThe Evolution of the Term Emerging Manager. Progress Investment Management Company White
Paper, July 2008. http://www.progressinvestment.com
. Successful Emerging Manager Strategies for the 21st Century. Progress Investment Management Company White Paper, 2008.
http://www.progressinvestment.com
Williams, Tina Byles. Survival of the Nimble, Why Smaller Investment Managers Outperformed Large Managers Despite a Challenging Market Cycle for
Fundamentally Based Active Managers. FIS Group, April 2011.
. Study on The Performance Drivers for Emerging Managers, Three Years Ending December 31, 2006. Emerging Manager Monthly, July 2007.
http://www.emergingmanagermonthly.com
Yost, William. Are Emerging Managers Better? A Return and Risk Analysis. Research Insights, Quotient Investors, LLC, Fourth Quarter, 2010.

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