Introduction

Ranger Advisors, L.P. ("Ranger"), a global alternative asset management and advisory firm, designs and manages liquid and transparent asset portfolios for pensions, endowments, foundations, family offices, and other institutional investors. Ranger designs its fund of hedge funds portfolios to generate competitive risk-adjusted returns with less volatility than traditional equity benchmarks. Ranger invests accounts in a diverse group of 30 to 40 hedge funds whose managers pursue a variety of alternative investment strategies, which include Event Driven, Macro, Equity Hedge and Relative Value. The investment team implements top-down strategy allocations, overweighting or underweighting relative to HFR indices based upon macro views of opportunity across the alternative investment strategies.