EFTA Document EFTA01452588

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation We also attempted to value the Alts on a sum-of-the parts basis, which we do not think has been especially accurate in forecasting medium or long-term unit price performance for the Alts. Similar to our valuation analysis, there are a number of subjective inputs, combined with longer range valuation assessments that we think can obscure what the stocks will do over a 12- month horizon, the timeframe i