Xi Zhang

Universa Investments L.P.

Universa Investments L.P. ("Universa") is an investment management firm that has specialized in risk mitigation since it was founded in 2007 by President and Chief Investment Officer Mark Spitznagel. Spitznagel and Universa's Distinguished Scientific Advisor, Nassim Nicholas Taleb, together began tail hedging formally for client portfolios over twenty years ago. Universa stresses that proper risk mitigation helps raise compound growth rates, not only by minimizing drawdowns, but also by costing much less than alternatives in normal markets to allow clients to more effectively capture risk premium. Universa both formalized and institutionalized the idea of tail risk hedging in 2007, providing live tail risk mitigation for clients during (and since) the 2008 crisis. Cultivated by decades of cumulative development and implementation, Universa's risk mitigation strategies focus on maximizing convexity—the degree of portfolio loss protection provided for a given capital allocation. Refer to www.universa.net for important disclosures and other information.