Tradex Global Liquid Real Estate is a concentrated group of four to six hedge fund managers focusing on mortgage securities. The managers selected for this strategy are seasoned veterans in their specific mortgage sectors. The managers will focus on distressed residential and commercial non‐agency mortgage backed securities, mortgage derivatives and relative value agency mortgage strategies. The securities being traded are typically very liquid. Tradex will be dynamic in the allocation to the underlying strategies in order to take advantage of different market conditions and opportunities.