LEIA believes that smaller and more specialized managers tend to be more innovative than their larger diversified counterparts, giving them the ability to exploit inefficiencies in the market on a consistent basis. We also believe a unique expertise is required to follow and evaluate this group of managers. The best way to allocate a significant amount of capital to these firms is through optimized manager of manager programs. The benefits of this approach include risk management through diversification and close monitoring, in addition to low cost administration and operational efficiency.