From: Kevin B. Brandmeyer [mailto:Kevin.Brandmeyer@gs.

com]
Sent: Tuesday, April 8, 2014 12:56 PM
To: John H. Allen <jallen@i-nanotek.com>
Cc: Helen Bamber <Helen.Bamber@gs.com>
Subject: Emerging Markets Implementation

To JHF Investment Committee –

In follow-up to our ongoing discussions regarding the implementation of the Foundation’s Emerging Markets
equity exposure, we recommend the Foundation reduce the position in the Vanguard Emerging Markets Index
Fund (VWO) by 1/3 (from 3.9% to 2.6% in the new Strategic Target) and re-allocate the proceeds to the Virtus
(Vontobel) Emerging Markets Opportunities Fund. Please note, we anticipate a complete reduction of VWO during
the second half of 2014, pending the completion of diligence and approval of two prospective EM equity
managers, either of which would be complementary to both Virtus and the portfolio more broadly. Once these
moves are complete, all of the portfolio’s EM equity exposure will be via two active managers.

Background Virtus (Vontobel Asset Management):

The Virtus Fund is sub-advised by Vontobel Asset Management. This strategy is managed by Rajiv Jain, a seasoned
investor who’s been a Portfolio Manager at Vontobel since 1994. The firm employs a bottom-up, fundamental
“Growth at a Reasonable Price” approach which focuses on identifying quality businesses with inherent and
sustainable competitive advantages. Vontobel’s EM composite track record is ranked in the top quartile of its
peer universe over trailing 3, 5 and 10-year periods with significantly lower beta and volatility. We believe the
generally defensive positioning of this manager works well with the Investment Strategy Group’s overall cautious
stance toward Emerging Market equities over the medium term.

Please note, the Virtus mutual fund has been sub-advised by Vontobel since May of 2006, so the attached track
record is only partially representative of the Vontobel investment team. However, the team has been running a
dedicated EM strategy for over 10 years and our Manager Selection team can speak to Vontobel’s performance
and the strength of their track record in more detail.

Conference Call with Manager Selection team:

We will work with Eva to find a time that works for this group to have a conference call with Jason Gottlieb and
Tom Murray from our Manager Selection team in the near future. On this conference call we will discuss our
process for sourcing, evaluating and ultimately approving managers for client portfolios. Included in this discussion
will be description of our approach to portfolio construction including sizing of any given manger as well as how
any manager might fit within the broader portfolio. Additionally, Jason can talk about any of the manager’s we’ve
met with in the EM equity space, if interesting to the Committee. Additionally, Eva indicated that some Committee
members may have recommendations for a specific EM manager. Jason and team are certainly willing to evaluate
other managers, to the extent that we have not previously met them. Lastly, on this call, we can discuss our
thought process on transitioning from passive to active in Emerging Market equities.

We will work with Eva to set-up a follow-up call to discuss in more detail and address any follow-up questions.

Goldman, Sachs & Co.

200 West Street | 39th Floor | New York, NY 10282-2198
Tel: 212-902-0594
Fax: 212-256-2327
email: kevin.brandmeyer@gs.com
Kevin Brandmeyer Goldman
Vice President Sachs
Investment Management Division
From: Helen Bamber [mailto:Helen.Bamber@gs.com]
Sent: Tuesday, August 6, 2013 2:34 PM
To: Kevin B. Brandmeyer <Kevin.Brandmeyer@gs.com>; Barrett, Patrick <Patrick.Barrett@gs.com>
Cc: Rutuma Gandhi <rutuma.gandhi@jhartfound.org>
Subject: RE: Hartford Foundation: Mutual Fund Investments

Kevin,
We are following up on your questions below.

Mutual Fund Fees

To the extent possible, Goldman Sachs negotiates fee arrangements with the mutual fund companies to
the benefit of all of our clients. The benefits take the form of a rebate from the mutual fund company.
The rebates are paid to the Firm and we pass them through to our clients. The Hartford Foundation
benefits from these rebates as follows (and as demonstrated in the invoices attached):
• Stone Harbor EM Debt: 7.5 basis points
• Hartford EM Debt: 10 basis points pre-July 2013 (15 basis points post-July 2013)
• Eaton Vance: 20 basis points
• T. Rowe Price: does not rebate

Timing of Recording of Mutual Fund Income Distributions & Reinvestments

We reached out to our Mutual Fund Operations team regarding this issue and wanted to give you
feedback on some of the details. The bottom line is that while they recognize the delay and related
adjustments are an inconvenience, since this is standard practice for accounts custodied away, it should
not create material issues from an audit or accounting standpoint.

In order to access the above-referenced fee rebates, the Foundation needs to buy these mutual funds
through GS. As is industry convention, the mutual funds are registered in GS’s name for the benefit of
the Foundation (i.e., the beneficial ownership of each fund is booked to an omnibus account in the
name of GS, for the benefit of the Foundation). Since the shares owned are booked to GS’ omnibus
account, while all related transaction activity is recognized by our systems on a real time basis, there is
no overnight SWIFT feed to NT. Rather, NT must wait for copies of GS monthly statements. Our Mutual
Fund Operations team recognizes this results in a delay in reporting for NT. However, they confirmed
that this process is not out of standard practice for accounts custodied away and that the timing of
recording income distributions and reinvestments should not create material issues from an audit or
accounting standpoint.

Thanks Kevin, please let us know if you have any questions.

All the best,

Helen Bamber
Vice President
Investment Management Division
Goldman, Sachs & Co.
200 West Street | 39th Floor | New York, NY 10282
Phone: 212-902-9981
Fax: 212-291-5714
Email: helen.bamber@gs.com
From: Andrew Joyce <andrewjoyce@westhallalternatives.com>
Date: February 13, 2018 12:45 PM
To: Eva Cheng <eva.cheng@jhartfound.org>
Subject: Westhall - Asian boutique fund research

Dear Eva,

Kevin kindly suggested sending an email to you a moment ago, I appreciate we have not spoken before.
I understand you are the CFO at John A. Hartford Foundation. I was curious to learn if the research of Asian
based fund managers featured with your work?

Background
At Westhall, we spend our time researching and meeting Asian based / focused hedge and long only boutique
asset managers. After protracted due diligence we selectively make appropriate introductions to institutional
investors primarily in Europe and the USA.
I enclose a summary of some of the funds we assist. If appropriate, I would welcome the opportunity to learn
more about your research process, how Asia fits into this, and generally what you tend to look for in a manager.

Westhall was founded by Robbie Hume and Doug Fulton in 2004. The pair met in 1996 at Peregrine Securities
before joining the Asian brokerage firm CLSA in London in 1999, helping establish the Asian funds business.
Westhall received its US Broker Dealer license in July 2013, and today are a team of five people. We are
compensated purely on making successful introductions to the managers we work for, receiving a proportion of
the managers fees. We do not receive retainers nor do we receive any compensation from the investor.

Earnings
To give you a sense of the ideas we are currently introducing to endowments and foundations:
Japan friendly activist: US$160m – Singapore / Tokyo based long only concentrated fundamental bottom up
small / mid cap stock picker.
China long biased and long only: US$220m – Singapore / Shanghai based long biased, fundamental equity
fund established in 2014. Long only fund launching Mar18 with endowment backing.
India smaller cap: US$185m – Mumbai based concentrated fundamental bottom up small cap stock picker
launched in 2011.
Asia ex-Japan small / mid cap: US$1.1bn – Bangkok based concentrated fundamental bottom up small cap
stock picker launched in 2005.
Asia ex-Japan all cap: US$271m – Singapore based all cap strategy (mid cap bias) with a fundamental bottom
up approach launched in 2009.
Asian Trade Finance: US$644m – Hong Kong based Asian Trade Finance specialist founded in 2014. Short
dated Fund 1 targeting 6.5% net. Mid-tenor Fund 2 targeting 7.5% net.

If there was a convenient time to discuss in the coming weeks, it would be a pleasure.

Kind regards,
Andrew

Andrew Joyce
Fund Analyst
Direct: +44 20 7628 8647
Mobile: +44 7763 113371
Address: 17 Savile Row, London W1S 3PN
From: "Grant Catton"<gcatton@buyoutsinsider.com>
Date: February 14, 2018 3:03 PM
To: <eva.cheng@jhartfound.org>
Subject: NEPC Private Equity Study
Reply-To: gcatton@buyoutsinsider.com

Hi Eva,

• A recent NEPC survey found that 44% of Endowments and Foundations expect their PE
portfolios to generate lower returns moving forward
• Just 17% said they expected higher PE returns in the near future
• Higher entry multiples and over-valued assets blamed as the culprit
HOWEVER: In spite of this seemingly negative outlook, NEPC says many Endowments and Foundations
are actually increasing their allocations to private equity as a way to offset a "weaker long-term outlook
on traditional equities and fixed income."
What kinds of GPS are these Endowments and Foundations looking for to generate greater returns?
• More "niche" strategies and growth equity rather than generalist funds
• Sub-$1 billion funds
• Funds earlier in their life-cycle
(Full article by Buyouts Insider Senior PE Editor Sam Sutton available on pehub.com)

Attend our upcoming PartnerConnect East and Emerging Manager Connect West events on a
complimentary LP Pass, and you can get targeted access to precisely these kinds of GPs.
• Majority of the GPs attending our events are raising funds in the sub-$800M range,
often on their 1st, 2nd, or 3rd fundraise, and targeting the middle- to lower-middle
market where deal multiples are more reasonable
• This equals greater flexibility and greater returns for their LPs
• Through our proprietary 1-on-1 LP-GP meetings program – ExecConnect – you get
hand-pick from a list of 60+ GPs onsite for meetings and find your next out-performing
fund.
Register HERE for PartnerConnect East – March 20-21 in Boston
Register HERE for Emerging Manager Connect West – May 1 in San Francisco
Please let me know if you would like more information about our events or how we can help you meet
new middle-market GPs, broaden your exposure in the market, and increase your PE returns.
Cheers,
Grant Catton
Director of LP Relations
Buyouts Insider
PartnerConnect Events - Buyouts, VCJ

646-321-4864 | gcatton@buyoutsinsider.com
From: Ari Bekhore <abekhore@cobiacap.com>
Date: February 14, 2018 4:43 PM
To: <eva.cheng@jhartfound.org>
Subject: Cobia Capital Partners January -4.09%

Cobia Capital Partners – January 2018

US equity markets began 2017 with continued momentum from 2017's close. Despite
some losses at the end of the month, the S&P 500 Index appreciated 5.7% while the
small-cap Russell 2000 Index rose by a slightly less stellar 2.6%. A strong global
economy drove record corporate profits at many companies, resulting in increasing
earnings and higher stock prices. Sharp downside volatility began in February and while
it has moderated at the time of this letter’s writing, more unsettled conditions prevail
now than those of the past two years.

Cobia had a tough start to the year, declining 4.1% in January due to three separate
factors. First, our earnings season got off to a slow start with a negative
preannouncement by Aerohive Networks (HIVE) and a strong market reaction to
slightly low revenue guidance by Silicom (SILC). While this news was unfortunate, we
maintain our theses in each of these stocks and think that these setbacks are just bumps
along the road toward corporate success for both of these companies. Second, our long
exposure to UK tech names hurt us in January as these stocks were marked down across
the board on profit taking and increased risk aversion in that market. Finally, our shorts
hurt us as the markets marched ahead during the month.

A recent re-addition to our long book is Spirent Communications (SPT.LN). Spirent is a

name we have owned on and off for many years and we have recently added to our
portfolio. Spirent is a test equipment company that sells gear to OEMs and service
providers that allow them to test their networking components and infrastructure to
better serve their customers. Spirent is coming off a period of heavy investment in R&D
with numerous new products to show for it. These products are just beginning to
penetrate its markets so we see accelerating revenue growth and operating leverage
going forward. The company’s space is also consolidating so there is a chance that
Spirent is purchased in the not so distant future.

For more color on the month or to learn more about our strategy and holdings, please
feel free to reach out to me.

Best,

Ari Bekhore
Chief Financial Officer
Cobia Capital Management, LP
747 Third Avenue, 27th Floor
New York, NY 10017
212-813-3402
abekhore@cobiacap.com