The People and organization: Samlyn Capital (the “firm”), founded in 2007 and created by Robert Pohly in 2007, is a reorganization of Sigma Capital, a wholly-owned subsidiary of S.A.C. Capital. The company currently manages around $3.5 billion of Samlyn Onshore Fund, L.P. / Samlyn Offshore, Ltd. (“Samlyn” or the “fund”), an equity long-short and equity strategy that focuses on healthcare, financial, and industrial firms. Before launching the company Pohly. Pohly was a portfolio manager at Sigma between 2001 and 2006, when he was responsible for the most assets and the largest staff of any manager in the portfolio other than the founder of Sigma, Steven Cohen, S.A.C.’s founder. Before joining Sigma, Ms. Pohly held portfolio management and analyst posts with Credit Suisse, Tiger Management, and Goldman Sachs. Samlyn Capital is based in New York City, where all its employees work. Its C.E.O., Mr. Pohly, and the firm’s staff have invested most of their net worth into the fund and, as a whole, are one of Samlyn’s top five investors.

The investment strategy and process: Samlyn is an equity short/long fund primarily focused on healthcare, financial, and industrial firms. The fund is based on fundamental, profound, bottom-up analysis to determine the best short and long concepts. Samlyn is a fund that has minimal exposure to markets and sectors. Net sector exposures are anticipated to vary between 0 and 15 percent, while all market exposures could be expected to vary from +20% up to +40 percent.

Performance: Samlyn has produced very impressive absolute and risk-adjusted returns. From its launch until June 2011, it earned an average annual return of 13.40 percent with fluctuations of 8.71 percent, leading to a Sharpe ratio that was 1.27.

Risk Management: Mr. Pohly is responsible for managing risk for the portfolio. He monitors short, long net, gross beta, sector, and sub-sector-specific exposures daily. In addition, the liquidity and short interest of individual positions and the geographic locations and concentrations within specific sectors are monitored closely. The C.F.O. of the fund uses reports from the prime broker and other customized information to track the volatility of portfolios, VaR as well as stress tests and also alerts Pohly. Pohly to changing trends.

Operations Analysis: Samlyn’s group, comprised of 13 non-investment specialists, effectively manages all business and trading operations and is in compliance with the majority of the best practices in process for the industry. The fund is transparent. Every month investors are provided with a complete stats report that includes exposures, attributions, and the most popular positions.

Investment Terms: The fund offers two classes of shares: 1.) 2.2% management fee and 20% incentive charge for a hard lock-up of one year and an easy lock-up with a 7% redemption fee in year 2. Then, semi-annual liquidity for the following year or) a 1.5 percent management fee and 17.5 percent incentives fee when you have a three-year hard lock-up, followed by a soft lock-up with a 7% redemption fee in year four. The fund has the key-man clause that grants the use of special withdrawal rights associated with key-man provisions associated with Mr. Pohly’s role.