Alternative Funds Solutions

First Half 2014

Investment Outlook
Credit Suisse Asset Management, LLC
February 2014
This presentation may not be altered except by Credit Suisse. Past performance is no guarantee or indicator of future results. Please see
Important Legal Information for important disclosures regarding the data and information contained and the views and opinions expressed in this
material.
Ulrich Keller, Ph.D.
Head and CIO, Alternative Funds Solutions
2
We foresee challenges in navigating between improving fundamentals and policy normalization
Global capital markets began adjusting in January to the Feds taper of its quantitative easing program (QE) that it
introduced over five years ago in response to the Global Financial Crisis. Anticipating this move, 2013 was the first
year of negative total returns on many safe haven bonds such as U.S. Treasuries, German Bunds and U.K. Gilts
since 1994. Many have associated this development with asset class flow rotation into higher yielding assets (e.g.,
developed market equities). As we stated in our 2H 2013 Investment Outlook, we believe that capital markets will
adjust to a less accommodative policy, but the ride is likely to be bumpier than the generally low volatility
environment we have experienced since 2009.
Emerging markets have beenand continue to beat center stage of the deleveraging process, hit both by
diminishing global liquidity and slowing Chinese growth. In early 2014 we entered the second act, which follows the
sell-off across EM assets triggered by Bernankes mid-year announcement of QE tapering. EM country
differentiation by financial vulnerability and the political noise from 2014 elections could be a significant generator
of volatility as well as trading opportunities.
Hedge Funds finished 2013 with the best performance since 2010, posting a YTD gain of 9.7% (as reflected by
the Credit Suisse Hedge Fund Index), led by gains in long/short equity and event driven strategies. Returns in
relative value and tactical trading strategies were more muted, yet were favorable when compared to fixed income
losses in developed markets.
Key Themes:
We believe improving business confidence and supportive policy mixes point to cyclical improvement in growth
in developed markets, providing tailwinds for fundamental managers: e.g., the gradual European recovery,
continued Japanese momentum driven by stimulus and select EM countries that are exposed to stronger
growth in DM countries;
But divergent directions in policy may result in an increase in volatility across equities, bonds and currencies;
We also anticipate directional risks could range from QE tapering to Chinese rebalancing to EM imbalances;
Crude oil is expected to remain caught between rising US production and geopolitical risk in OPEC/Middle
East countries, further dislocating the WTI-LLS-Brent spread relationships. The precious versus industrial
metals chasm is likely to increase especially under a growth-led USD rally and specific supply issues.
Fundamentally driven dispersion generally creates opportunities for hedge funds
Tactical Strategies (Global Macro, Managed Futures and Commodities)
Asset class rotation, further degradation of bond markets and EM assets could lead to an attractive opportunity set
for global macro managers.
Relative Value Strategies (Fixed Income, Quantitative Strategies and Corporates)
For relative value strategies, uncertain policy tightening trajectories may result in volatility; we also anticipate more
pricing inefficiencies across corporate capital structures and across asset classes, allowing trading opportunities
to resurface.
Fundamental Strategies (Long/Short Equity, Event Driven Credit and Merger Arbitrage)
Stock price correlations reverting to average levels has been helpful to fundamental strategies, which profited from
security selection due to divergences in regional, sector and company fundamentals. After an eventful 2013, EM
seems poised to turn more idiosyncratic in 2014, which should benefit stock and credit pickers, particularly in the
more established Asian markets.
In terms of portfolio construction, we favor a barbell top-down portfolio approach composed of fundamental
strategies aiming to capture company-specific differentiation on the one hand (with or without catalysts), and
trading and relative value strategies aiming to capture macro and policy driven moves, as well as market volatility,
on the other.

Message from the AFS Chief Investment Officer
Credit Suisse Asset Management
Hedge Funds and Global Markets 2013 Summary
(As reflected by indices)
3

2013
Performance
Avg. Annualized
Performance* Annualized Vol.*
Credit Suisse Hedge Fund Index 9.73% 8.72% 7.31%
Convertible Arbitrage
6.03% 7.42% 6.68%
Dedicated Short Bias
-24.94% -5.53% 16.58%
Emerging Markets
8.81% 7.55% 14.35%
Equity Market Neutral
9.27% 5.05% 9.97%
Event Driven
15.47% 9.58% 6.16%
Fixed Income Arbitrage
3.80% 5.44% 5.52%
Global Macro
4.32% 11.34% 9.39%
Long/Short Equity
17.74% 9.55% 9.65%
Managed Futures
-2.56% 5.09% 11.58%
Multi Strategy
11.23% 8.19% 5.22%
Equities 2013
S&P 500 32.39%
Dow Jones Global Index 20.78%
STOXX 50 22.39%
Nikkei 56.72%
Fixed Income
Dec 31, 13
Yield (%)
YTD 2013
Change (bps)
10-year U.S. 3.03 127.08
10-year Germany 1.93 61.30
10-year Japan 0.74 -5.00
CS High Yield Index 5.77 (YTW) -48.00
Currencies* 2013
EUR 4.17%
GBP 1.86%
YEN -17.62%
CHF 2.52%
Commodities 2013
DJ-UBS Comm. Index -9.52%
S&P GSCI Index -2.21%
Gold -28.04%
Crude Oil 7.19%
Past performance is no guarantee or indicator of future returns.
All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable. Credit
Suisse Hedge Index, LLC has not sought to independently verify information obtained from public and third party sources and makes no
representations or warranties as to accuracy, completeness or reliability of such information.
Credit Suisse Hedge Fund Index
Correlation Statistics
Correlation from
January 1994
S&P 500 0.57
Dow Jones Global Index 0.62
STOXX 50 0.56
*vs. U.S. Dollar. Source: Credit Suisse Hedge Index, LLC, Bloomberg, Datastream.
Credit Suisse Asset Management
Volatility Statistics Jun 30, 13 Dec 31, 13
VIX 16.9 13.7
MOVE 99.8 73.6
*Average annualized Index data begins January 1994. Source: Credit Suisse Hedge Fund Index. It is not possible to invest in an index.
Sector Strategy Sub-Strategy
Outlook
1H 2013
Outlook
2H 2013
Outlook
1H 2014
Recommended
Allocation Change
2H 2013 - 1H 2014
F
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Equity
Long/Short
Opportunistic ++ ++ ++
Neutral
Low Net + + +
Stock Picker + + +
Macro = = =
Trading
Activist = ++ ++
Event Driven
M&A = =
Neutral
Distressed / Credit = = =
Multi-Process + + +
Special Situations + + +
R
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V
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Fixed Income

Fixed Income Arbitrage = = =
Neutral
Agency Mortgages = + =
Structured Credit ++ = +
Yield Alternatives = = =
Corporate
Credit Long/Short
= =
Neutral
Corporate Arbitrage = = +
Volatility = =
Quant Equities = ++ +
Multi-Strategy
Diversified + + ++
Moderate
Increase
FI Multi-Sector/Credit = = =
T
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T
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Global
Macro
Diversified + ++ ++
Moderate
Increase
Quant =
EM Focus ++ + +
Currency + = +
CTA
Trend Following - Short Term
+
=
Neutral
Trend Following - Diversified =
Systematic Multi-Strategy + = +
Non-Trend / Mean Reversion + ++ ++
Commodities Commodities = +
Moderate
Decrease
++ Positive +
Moderately
Positive
= Neutral
Moderately
Negative
Negative
First Half 2014 Investment Outlook Summary
4
Credit Suisse Asset Management
Source: Credit Suisse
The above should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment products or to adopt any investment strategy. It
does not take into account the financial objectives, situation or needs of any persons which are necessary considerations before making any investment decision. It does not take into
account the financial objectives, situation or needs of any persons which are necessary considerations before making any investment decision. The information provided is not intended to
provide a sufficient basis on which to make an investment decision and is not a personal recommendation or investment advice. It is intended only to provide observations and views of the
said individual Asset Management personnel at of the date of writing without regard to the date on which the reader may receive or access the information. The reader should not assume
that any investments in companies, securities, sectors, strategies and/or markets identified or described herein were or will be profitable and no representation is made that any investor will
or is likely to achieve results comparable to those shown or will make any profit or will be able to avoid incurring substantial losses. Each investors portfolio may be individually managed and
may vary from the information shown in terms of portfolio holdings, characteristics and performance. Current and future portfolio compositions may be significantly different from the
information shown herein. Investing entails risks, including possible loss of some or all of the investors principal. To the extent that these materials contain statements about future
performance, such statements are forward looking and subject to a number of risks and uncertainties. All opinions and views about to be expressed are subject to change at any time.


Tactical Trading StrategiesGlobal Macro

+ In a context of slow but continuing global economic recovery, economic and monetary policies
have begun diverging between ongoing accommodative stances by the European Central Bank
and the Bank of Japan, and the rate policy transitions unfolding in the U.S. and UK;
+ We anticipate the tone of the year may lie more with the U.S., China, Japan and weak EMs;
sources of directional risks range from QE tapering, Chinese rebalancing to EM imbalances;
+ Recovery (with corrections) is the new working order of EU peripherals, as bearish bets rotate
towards widening within the core;
+ We believe a similar emphasis on policy effectiveness and asset allocator behavior is necessary
for assessing next steps for Japan themes;
+ EM macroeconomic dispersion and a heavy electoral schedule may allow for both thematic and
tactical opportunities;
+ We continue to favor managers with broad capabilities across asset classes and across EM
regions; and
+ We prefer non-biased managers who can cross-trade in EM FX and rates/sovereign credit on a
joint basis, and less in equities, with the exception of very tactical /short term index exposures.
Central Bank Policies Are Likely to Continue Diverging in 2014
Source: Credit Suisse and Bloomberg. All data was obtained from publicly available information, internally developed data and
other third party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from
public and third party sources and makes no representations or warranties as to accuracy, completeness or reliability of such
Information.

Normalization in term structure/monetary policy and regional divergence may create trading
opportunities; we continue to favor tactical macro managers with multi-asset capability.
Credit Suisse Asset Management
5
Tactical Trading StrategiesCommodities and Managed Futures
Commodities
Commodities continued their de-coupling from other risky assets in 2013, while lagging in general;
+ Low inter-commodity correlations suggest re-emergence of fundamentals as a driving force;
Investors are leaving the space as the recent market movement was viewed by some as the end of
the commodity super cycle;
+ We favor specialist sector traders able to evaluate and exploit the impact of structural dislocations
and bottlenecks at the front end of curves;
+ Also, tactical traders who can profit from both fundamentals as well as short-term market flows; and
We are underweight long-biased managers.
Managed Futures
Medium and long-term trend followers still have high beta to global equities;
Continued central bank interventions could cause repetitive reversals, which would hurt trend
followers;
+ We favor CTAs with more diversified allocations to asset classes/traded instruments, not overly
dominated by one particular asset class; and
+ We also like multi-strategy quant funds that are not biased towards trend following.

6
Despite headwinds, Commodities and CTAs may find opportunities in more volatile markets.
Correlations Between Trend Followers and Global Equities Trended Higher in 2013
Credit Suisse Asset Management
Source: Credit Suisse, Newedge Trend and Bloomberg. All data was obtained from publicly available information, internally developed data
and other third party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and
third party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information.

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12M Rolling Correlation of Newedge Managed Futures Index
to the MSCI World Index
Relative Value StrategiesFixed Income
Relative value opportunities are expected to improve as the Fed eases off the pedal.
Fixed Income Arbitrage
Fed tapering may introduce greater uncertainty into rates markets and constrain equity upside
should positive surprises be met with policy tightening;
Decoupling of policy cycles across developed markets and changes in growth expectations may
create flow-driven and relative valuation opportunities; and
+ While we expect systemic risks to be lower, complacency in sovereign debt markets appears
widespread; as a result, we favor cheap sources of optionality.
Agency Mortgages
Agency derivative valuations are not cheap but offer attractive carry and negative duration;
Prepayments may be more driven by traditional factors such as housing turnover;
Policy risk lingers with Mel Watt leading the FHFA; MBS basis will largely be driven by the Fed; and
+ We favor relative value strategies that exploit structural or technical inefficiencies.
Structured Credit
Yields have compressed but remain attractive relative to other fixed income assets;
The beta trade is ending as home price appreciation is priced in; RMBS/CMBS fundamentals are
improving but the recovery may slow as rate risk increases;
+ Potential upside from GSE policy changes and litigation settlements.
Yield Alternatives
Reinsurance premiums are expected to compress in insurance-linked products due to large inflows
into the asset class and lower than expected insured losses in recent periods; and
Yield compression in asset-based lending continues as demand rises due to bank lending
contraction, especially to non-core borrowers such as smaller enterprises and those in emerging
markets.





Source: Credit Suisse and Bloomberg. All data was obtained from publicly available information, internally developed data and other third party sources
believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third party sources and makes no
representations or warranties as to accuracy, completeness or reliability of such information.
7
Credit Suisse Asset Management
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The New Tapering Regime May Induce a Structural Decompression
of Fixed Income Volatility
CorporateCredit Long/Short
Fundamentals remain healthy as defaults have been benign but rates may be a source of volatility;
Technicals are less supportive with increasing issuance and continued outflows from fixed income;
single name liquidity may be most challenged given dealers reduced risk appetite;
+ Select themes in European financials and loans that benefit from regulatory changes, improving
growth, and accommodative monetary policy.
CorporateArbitrage
+ Increasing convertible new issuance volumes likely to remain a tailwind;
+ Corporate activity may create attractive intra-capital structure opportunities; convertibles may
outperform in a rising rate environment from embedded equity exposure.
CorporateVolatility
Further volatility compression appears unlikely and changing monetary policies may result in a more
normal volatility range; tail concerns have receded but growth risks remain;
We favor being long convexity given the widespread complacency; volatility strategies are attractive
diversifiers despite muted base case return expectations.
CorporateQuantitative Equities
+ Current levels of stock correlations/dispersion are healthy for quant equities; a less risk-on or
macro-driven environment may result in more idiosyncratic stock movements;
+ Investor rotation into equities may create tradable pricing inefficiencies /short-term distortions.
Multi-StrategyFixed Income Multi-Sector/Credit
As yields decline across the board, we favor managers who are thoughtful about top-down
risks/drivers, sensitive to technical dynamics, and aware of changes in the price of liquidity;
Fed tapering may drive rate volatility and funds may still be susceptible to a duration sell-off.
Multi-StrategyDiversified
+ The cost of equity remains high relative to debt and we expect to see pressure on management to
unlock value through corporate activity;
Shifting cross-asset class correlations may limit the effectiveness of portfolio construction; a more
stable systemic backdrop and lower cost of macro hedging may allow managers to take more risk.

Source: Barclays
8
Credit Suisse Asset Management
Relative Value StrategiesCorporate and Multi-Strategy
We see a better environment for market neutral strategies and corporate event trades.
Cost of Equity vs. Baa Corporate Yields Global Convertible Issuance Was Up in 2013 ($bn)
All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable. Credit Suisse has not
sought to independently verify information obtained from public and third party sources and makes no representations or warranties as to accuracy,
completeness or reliability of such information.

Source: BlackRock
Source: Credit Suisse and Bloomberg
All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable. Credit
Suisse has not sought to independently verify information obtained from public and third party sources and makes no representations or
warranties as to accuracy, completeness or reliability of such information. Past performance is not a guarantee or indicator of future results.


9
Credit Suisse Asset Management
Fundamental Strategies: Long/Short Equity
Corporate fundamentals remain solid in terms of driving differentiation, creating a balanced
opportunity set long and short.
Environment
+ Developed market valuations have reached fair levels, mainly fueled by multiple expansion. However,
factors supporting fundamentally-based long/short strategies continue to point to a favorable
environment, including persistently low intra-stock price correlations and high dispersion among
companies, sectors and regions;
+ Barring significant liquidity shocks or drastic policy regime changes, we believe the story for
long/short equity continues to be increasingly stock specific with higher expected return dispersion;
+ Given tempered expectations for equity market performance in 2014, the beta component of returns
is expected to decrease, making alpha generation a key differentiator among long/short equity
managers; and
After a de-rating in absolute and relative terms in 2013, EM equities seem to display more
idiosyncratic pricing potential as well. For example, pockets of growth create long opportunities (e.g.
Chinese internet), whereas structural challenged industries yield short ideas (e.g., commodity-
sensitive cyclicals).

Themes
+ Global financials: Sector is in a transitional state after an initial deleveraging phase and pricing in of
regulatory burden;
+ Global technology: Usage shifts continue to create growth trajectory divergences across the globe;
+ Telecoms: Sector consolidation presents catalyst driven opportunities in the U.S. and Europe; and
+ Activist approach: Companies are more receptive to activist approaches as the pressure to improve
shareholder value has increased considerably.

Recommendations
+ Managers targeting stock-specific and idiosyncratic opportunities, managing with a low or variable-
net and high gross-exposure mandate, focusing short books on single-name stocks and making use
of options as a protection mechanism and return enhancer when volatility is inexpensive;
Managers taking significant net exposure and/or moving down the liquidity spectrum.


Correlations Spikes Have Receded; Manager Performance Has Rebounded.
Fundamental Strategies: Event Driven
10
Credit Suisse Asset Management
Flow and Pipeline of Sales Anticipated
From European Commercial Banks
Source: PwC Snapshot Deleveraging Non-Core Loan Portfolios, Oct. 2013.
Example of Value Enhancing Corporate Action:
Corporate Share Buybacks (S&P 500 ex-Financials)
Source: Birinyi Associates.

Special situation investments are anticipated to be a primary driver for the strategy, bolstered
by continued business model and balance sheet rationalizations.
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( in billions)
($ in billions)
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$800
2009 2010 2011 2012 2013
All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable. Credit Suisse has not sought to
independently verify information obtained from public and third party sources and makes no representations or warranties as to accuracy, completeness or reliability of
such information.
Special Situations
+ Value-enhancing corporate actions may continue to accelerate, including accretive acquirers,
activism, divestitures, hostile bids, share buybacks and spin-offs;
+ While 2013 was the tide that lifted all boats, we expect differentiation and manager selection to be
much more of a factor in 2014, as valuations have increased and alpha should represent a higher
portion of overall returns over market beta; and
We maintain our cautious view on basis risk, inherent directionality and strategy drift.
Mergers and Acquisitions
+ Fundamental and supportive drivers for M&A are still unchanged, such as low interest rates, market
strength and stability and cash-rich companies;
+ Corporate profits are expected to remain high due to cost extractions, but revenue growth still
strained; M&A may experience an uptick as another potential avenue for longer term revenue growth;
+ Activity is still on the rise driven by highly strategic intra-industry transactions, such as in
healthcare; and
We remain wary of plain vanilla" merger spread trades that exhibit low returns and high risk.
Distressed Credit
+ Looser underwriting credit standards have been setting up for an anticipated robust supply of
distressed credits to come in the next few years;
+ Specialist players in selective pure distressed/restructuring situations may continue to benefit from
emerging situations and an expected robust pipeline of opportunities;
+ Complex legacy situations may still offer downside protection and are generally uncorrelated to overall
markets;
+ Gaining further traction, the European de-leveraging process may continue to offer opportunities;
Select distressed sectors and one-off situations may continue to offer investment plays, although
may be more illiquid and best handled by specialist managers; and
The low-default rate environment is expected to continue in the near-term.

For more information, please contact:

Credit Suisse Asset Management
11
Americas
Christian Hoffmann
+1 212 538 8616
christian.hoffmann@credit-suisse.com

EMEA/Switzerland (Institutional)
Dirk Wieringa
+41 44 332 0984
dirk.wieringa@credit-suisse.com

Japan
Akira Takahashi
+81 3 4550 9232
akira.takahashi@credit-suisse.com

Non-Japan Asia
Michael Levin
+852 2101 7665
michael.levin.2@credit-suisse.com






Important Legal Information
12
This material has been prepared by the Asset Management division of Credit Suisse (Credit Suisse) and not by Credit
Suisses Research Department. It is not investment research or a research recommendation for regulatory purposes as it
does not constitute substantive research or analysis. This material is provided for informational and illustrative purposes and
is intended for your use only. It does not constitute an invitation or offer to the public to subscribe for or purchase any of the
products or services mentioned. The information contained in this document has been provided as a general market
commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated financial
service. It does not take into account the financial objectives, situation or needs of any persons which are necessary
considerations before making any investment decision. The information provided is not intended to provide a sufficient basis
on which to make an investment decision and is not a personal recommendation or investment advice. It is intended only to
provide observations and views of the said individual Asset Management personnel at of the date of writing without regard
to the date on which the reader may receive or access the information. Observations and views of the individual Asset
Management personnel may be different from, or inconsistent with, the observations and views of Credit Suisse analysts or
other Credit Suisse Asset Management personnel, or the proprietary positions of Credit Suisse and may change at any time
without notice and with no obligation to update. To the extent that these materials contain statements about future
performance, such statements are forward looking and subject to a number of risks and uncertainties. Actual events, results
or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are
cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-
looking statements in this document. Information and opinions presented in this material have been obtained or derived from
sources believed by Credit Suisse to be reliable, but Credit Suisse makes no representation as to their accuracy or
completeness. Credit Suisse accepts no liability for loss arising from the use of this material. If nothing is indicated to the
contrary, all figures are unaudited. All valuations mentioned herein are subject to Credit Suisse valuation policies and
procedures. It should be noted that historical returns and financial market scenarios are no guarantee of future
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The charts, tables and graphs contained in this document are not intended to be used to assist the reader in determining
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Every investment involves risk and in volatile or uncertain market conditions, significant fluctuations in the value or return on
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