The Bivium Process

Bivium uses an iterative process that incorporates four basic steps:

• Identify alpha opportunities
• Manager due diligence
• Portfolio construction
• Risk management

We view this as a continuous process with each step providing insight into other aspects of our approach. We strive to be open-minded and proactive in our search for alpha and inefficiencies that can provide value added for our clients.

Identify Alpha Opportunities: The underlying premise of our business is to find alpha opportunities for our clients in inefficient areas and use the manager idea generation process to vet these opportunities.

Manager Due Diligence: Our due diligence process includes a thorough vetting of the investment and non-investment (compliance and operations) aspects of managers to ensure a strong shortlist for our portfolios.

Portfolio Construction: After we have completed our manager due diligence, we run portfolio optimizations and stress tests on the aggregate portfolio to evaluate excess return expectations, risk levels, and correlation of returns.

Risk Management: We monitor and assess a variety of quantitative and qualitative portfolio and manager risks on an ongoing basis to ensure that the portfolios we create are performing within expectations.