STELIOS

	Stelios AIF CAT III	Equity Mutual Fund	Equity PMS
Equity upside participation	Yes	Yes	Yes
Downside protection	Yes	No	Limited
Investment Flexibility for the Manager	Yes	No	Yes
Ability to take advantage of the short side	Yes	No	No
Use of leverage to enhance returns	Yes	No	No
Exposure to Hedge Fund styled algorithms	Yes	No	No
Investment Manager orientation	Absolute return	Relative return	Relative return

1. Active Management	2. Long/Short allowed
3. Leverage up to 2X allowed	4. Participation in Equity downturns
5. Hedge Fund styles allowed	6. Quantitative algorithms allowed
7. Net lower correlation with benchmarks	8. Lower systematic risk vs benchmarks
9. Lower Value-at-Risk (VaR) vs benchmarks	10. Higher Sharpe ratios vs benchmarks
11. Diversification across sectors	12. Diversification across asset classes
13. Exposure to Alternative strategiest

Why AIF - Comparison & Advantages Of AIF To Traditional Investment Funds