Investment Board

The Board meets on a monthly basis to discuss the fund's performance with the portfolio managers and review in detail the portfolio changes proposed by them. The portfolio managers give a detailed presentation to the Board, explaining all aspects of the fund's performance.

• Professor Stephen A. Ross is Chairman of the Investment Advisory Board of IVC International, Ltd., and a director of IV Capital, Ltd. He is also the Franco Modigliani Professor of Financial Economics at MIT, Chairman of Compensation Valuation, Inc. (CVI), and Principal and CIO of Ross Institutional Investors, LLC. He was previously the Sterling Professor of Economics and Finance at Yale University and, before that, a professor of economics and finance at the Wharton School of the University of Pennsylvania. He is a former member of the board of directors of Freddie Mac, and a trustee of CalTech where he chairs the investment committee. A Fellow of the Econometric Society and a member of the American Academy of Arts and Sciences, he currently serves as an Associate Editor of several economics and finance journals and in 1988 was President of the American Finance Association. He has been the recipient of numerous prizes and awards. In 2006 he was the first recipient of the CME-MSRI Prize in Innovative Quantitative Application and in 2007 he won the Jean-Jacques Laffont Prize given by the Toulouse School of Economics.

  Professor Ross received his B.S. with honors from CalTech in 1965 where he majored in physics, and his Ph.D. in economics from Harvard in 1970.

• Vipin Sareen is one of the two founding partners of IVC. He is a member of the IVC Investment Management Board and the management committee running IVC's Quantitative Equity Trading business. Prior to founding IVC in 1998, he was a managing director and European head of the global equity derivatives division at UBS from 1992 to 1998, with overall marketing responsibilities for Europe, South Africa and the Middle East. Prior to this assignment, he was a senior marketer of global equity derivatives group at Salomon Brothers International, and traded interest rate derivatives at Midland Bank in London.

  Mr. Sareen is a Chartered Accountant (1984) and holds an MBA degree in finance from City University Business School (1985).

• Ramy Goldstein is one of the two founding partners of IVC. He is a member of the IVC Investment Management Board and the management committee running IVC's Quantitative Equity Trading business. Prior to founding IVC in 1998, he was the founder and head of the global equity derivatives division at UBS from 1992 to 1997. He also served on the bank's equity management committee as well as the fixed-income and derivatives management committee. Prior to this he was co-head of equity derivatives and chief information officer at CS First Boston (Pacific) in Tokyo, head of equity financial strategies at CS First Boston in New York, and held positions at several option market-making and arbitrage firms on New York exchanges and in the micro-economic analysis unit AT&T.

  Dr. Goldstein holds an MA degree in Economics from the University of Cambridge and a Ph.D. in Economics from Yale University.