brinker capital crystal strategy review

January 24, 2012

Liquid

Transparent

Multi-Sector

Cost Effective

Unconstrained

Tactical

–Fourth Quarter 2011

Brinker Capital Crystal StrategyReview

1 For use in a one-on-one presentations with a financial advisor present.

–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Crystal Strategy Performance Objective

Positive Return

Return > Inflation Rate (2.98%)

Return > Inflation Rate + 3% (5.98%)

HFRX Global Hedge Fund Index (-8.87%)

2011 Crystal Performance: ‐1.61%

3 Year Performance: 8.94%

Positive Return

Return > Inflation Rate (2.38%)

Return > Inflation Rate + 3% (5.38%)

HFRX Global Hedge Fund Index (2.82%)


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Challenging “whip-saw” Investing Environment

HFRX Global Hedge: -8.87%HFRX Equity Hedge: -19.08%

HFRX Multi-Strategy: -5.78%HFRX CTA: -4.88%

HFRI Equity Hedge: -8.25%HFRI FOF Diversified: -4.81%HFRI Macro: -3.78%Source: Bloomberg


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Positioning for the next 6+ months

Favorable Investing

Environment

Unfavorable Investing

Environment

Favorable Investing

Environment

Source: Brinker Capital and FactSet


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Portfolio Repositioning Largely Completed

Asset Class Long Short NetDE 34.81% 0.00% 34.81%IE 5.68% 0.00% 5.68%FI 14.52% -3.71% 10.81%RA 8.80% 0.00% 8.80%AR 17.99% 0.00% 17.99%PE 5.13% 0.00% 5.13%Crystal 86.93% -3.71% 83.22%

Asset Class Long Short NetDE 9.64% 15.19% -5.55%IE 0.98% 6.14% -5.16%FI 14.86% 0.00% 14.86%RA 7.98% 0.00% 7.98%AR 18.30% 0.00% 18.30%PE 5.75% 0.00% 5.75%Crystal 57.51% 21.33% 36.18%

8/31/2011

12/31/2011



–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Revisiting Our Bullish Stance

European leaders addressing problems

Improving U.S. economic data

Global easy monetary policy

Valuations

Sentiment


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Crystal Strategy Performance UpdateGross of Fees

Source: Brinker Capital and FactSetHoldings are subject to change


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

Crystal Strategy Positioning UpdateAs of 12/31/11

The above is a complete list of holdings. Holdings are subject to change.Source: Brinker Capital and FactSet


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

4Q11 AttributionAverage Total Contribution Average Total ContributionWeight Return To Return Weight Return To Return

Domestic Equity 29.58 0.22 0.24 Real Assets 7.96 9.33 0.67Guggenheim Raymond James SB-1 ETF 2.14 15.13 0.35 Credit Suisse Cushing 30 MLP Index ETN 3.63 15.51 0.52Gannett Co. Inc. 1.09 28.57 0.29 SPDR DJ Global Real Estate ETF 2.81 8.34 0.16Odyssey Marine Exploration Inc. 2.24 11.38 0.26 Capstead Mortgage Corp. 0.98 11.49 0.11United Continental Holdings Inc. 1.62 -2.63 0.20 iShares Gold ETF 0.55 -11.76 -0.12Interpublic Group Of Cos. 1.01 21.84 0.20 Absolute Return 20.46 1.68 0.34Guggenheim Spin-Off ETF 2.07 13.47 0.17 RiverNorth Core Opportunity Fund 2.25 6.57 0.14Bogle Small Cap Growth Fund 1.20 13.20 0.14 Merger Fund 2.04 2.90 0.06Claymore ETF Sabrient Insider ETF 2.10 13.72 0.13 Absolute Opportunites Fund 3.91 1.39 0.05iShares PHLX SOX Semiconductor ETF 2.86 7.78 0.12 Dunham Monthly Distribution Fund 0.98 3.38 0.03SPDR Dow Jones Industrial Average ETF 2.08 0.76 0.12 Turner Titan Fund 2.00 1.10 0.02Prudential Financial Inc. 2.06 10.15 0.11 ASG Global Alternatives Fund 1.57 1.08 0.02Ave Maria Growth Fund 0.99 11.49 0.10 Absolute Strategies Fund 3.08 0.39 0.01Guggenheim Ocean Tomo Patent ETF 2.17 8.23 0.03 Eaton Vance Global Macro Fund 1.87 0.71 0.01ProShares Short S&P500 2.13 -6.31 -0.42 Turner Medical Sciences Long/Short Fund 2.04 0.10 0.00ProShares Short Russell2000 3.80 -13.34 -1.57 ASG Managed Futures Strategy Fund 0.72 -1.57 -0.01

International Equity 8.19 -1.68 -0.29 Private Equity 5.90 -4.79 -0.32iShares S&P Global Financials Sector ETF 1.09 1.79 0.04 Red Rocks Listed Private Equity Fund 3.22 0.36 0.01Wasatch Emerging Markets Small Cap Fund 0.90 2.31 0.02 Stonegate Bank 1.13 -0.35 -0.00iShares MSCI Chile ETF 0.65 -0.44 -0.01 Apollo Investment Corp. 0.85 -13.20 -0.14iShares MSCI Japan ETF 2.78 -2.57 -0.09 Mitek Systems Inc. 0.71 -21.62 -0.19ProShares Short MSCI EAFE 2.77 -3.81 -0.25 Cash 8.70 0.00 0.00

Fixed Income 19.22 0.41 0.06JP Morgan Strategic Income Ops Fund 3.97 3.69 0.14JPMorgan High Yield Fund 1.82 5.71 0.10Aberdeen Asia Bond Fund 3.79 2.67 0.10SPDR Barclays Capital High Yield Bond ETF 0.42 7.57 0.08DoubleLine Total Return Bond Fund 4.18 0.61 0.02PowerShares DB US Dollar Bullish ETF 1.72 -1.10 -0.10ProShares Short 20+ Year Treasury ETF 3.32 -3.05 -0.28

The above is a complete list of holdings. Holdings are subject to change.Source: Brinker Capital and FactSet


–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–Tactical

2011 AttributionAverage Total Contribution Average Total ContributionWeight Return To Return Weight Return To Return

Domestic Equity 34.20 -4.53 -1.21 Real Assets 7.17 13.77 0.90Gannett Co. Inc. 0.27 28.57 0.29 Credit Suisse Cushing 30 MLP Index ETN 1.94 10.27 0.34Ocwen Financial Corp. 0.59 25.37 0.26 Tortoise MLP Fund 1.46 7.04 0.20Alliance Data Systems Corp. 0.33 17.98 0.22 iShares Silver ETF 0.20 19.80 0.20Interpublic Group Of Cos. 0.25 21.84 0.20 iShares Gold ETF 0.89 0.27 0.09Guggenheim Raymond James SB-1 ETF 1.36 -2.24 0.19 SPDR DJ Global Real Estate ETF 1.54 -3.03 0.04United Continental Holdings Inc. 0.43 -6.26 0.19 iShares Barclays TIPS Bond ETF 0.31 4.80 0.04SPDR Dow Jones Industrial Average ETF 0.52 0.76 0.12 Market Vectors Gold Miners ETF 0.13 1.39 0.01Guggenheim Spin-Off ETF 1.50 3.75 0.06 Capstead Mortgage Corp. 0.70 4.22 -0.04SPDR Financial ETF 0.66 2.59 0.05 Absolute Return 18.94 -1.49 -0.35John Hancock Technical Opportunities Fund 0.60 2.03 0.02 Absolute Strategies Fund 2.98 2.61 0.08Verizon Communications Inc. 0.04 1.40 0.02 ASG Global Alternativies Fund 0.54 3.59 0.05Ave Maria Growth Fund 1.00 0.53 0.01 Merger Fund 2.00 1.66 0.03iShares PHLX SOX Semiconductor ETF 0.75 1.64 0.00 ASG Managed Futures Fund 0.25 4.24 0.03SPDR Technology ETF 0.66 -5.41 -0.05 Eaton Vance Global Macro Return Fund 1.87 -0.68 -0.01Bogle Small Cap Growth Fund 1.28 -4.92 -0.06 ASG Managed Futures Strategy Fund 0.48 -3.61 -0.03Claymore ETF Sabrient Insider ETF 1.47 -4.05 -0.06 Dunham Monthly Distribution Fund 0.63 -3.04 -0.03Guggenheim Ocean Tomo Patent ETF 1.40 -3.54 -0.09 Turner Medical Sciences Long/Short Fund 1.17 -1.89 -0.03Odyssey Marine Exploration Inc. 2.00 -1.44 -0.11 RiverNorth Core Opportunity Fund 2.31 -2.18 -0.05SPDR S&P Dividend ETF 2.10 -2.52 -0.11 Turner Titan Fund 1.01 -3.45 -0.07Royal Dutch Shell 0.34 -9.19 -0.16 DWS Disciplined Market Neutral Fund 0.76 -1.91 -0.07Frontier Communications Corp. 0.23 -17.21 -0.21 ASG Global Alternatives Fund 1.04 -6.43 -0.11Prudential Financial Inc. 1.42 -21.59 -0.36 Absolute Opportunites Fund 3.90 -3.91 -0.15ProShares Short S&P500 6.31 -1.48 -0.60 Private Equity 6.14 -12.46 -0.74ProShares Short Russell2000 8.69 -4.31 -1.02 Accelr8 Technology Corp. 0.13 128.71 0.39

International Equity 8.16 0.48 0.12 Stonegate Bank 1.12 -0.35 -0.00ProShares Short MSCI EAFE 4.41 4.12 0.73 Compass Diversified Holdings 0.18 -7.34 -0.10HSBC Holdings 0.16 7.93 0.07 Mitek Systems Inc. 0.39 6.62 -0.10ProShares Short FTSE China 25 ETF 0.21 -0.50 0.01 KKR & Co. L.P. 0.34 -11.24 -0.11iShares S&P Global Financials ETF 0.29 -1.87 -0.04 Apollo Investment Corp. 0.21 -13.20 -0.14iShares MSCI Canada ETF 0.42 -10.15 -0.10 Red Rocks Listed Private Equity Fund 3.75 -17.95 -0.68iShares MSCI Chile ETF 0.59 -12.98 -0.13 Cash 11.05 0.05 0.01Wasatch Emerging Markets Small Cap Fund 0.94 -14.01 -0.14iShares MSCI Japan ETF 1.13 -14.50 -0.29

Fixed Income 14.34 3.34 0.37iShares Barclays 20+ Year Treasury Bond ETF 0.21 13.02 0.53DoubleLine Total Return Bond Fund 2.66 5.06 0.20DoubleLine Total Return Bond Fund 0.82 4.15 0.10SPDR Barclays Capital High Yield Bond ETF 0.11 7.57 0.08JPMorgan High Yield Fund 1.87 2.26 0.04JP Morgan Strategic Income Ops Fund 3.99 0.77 0.03PowerShares DB US Dollar ETF 0.94 -0.52 -0.07Aberdeen Asia Bond Fund 2.38 1.69 -0.11ProShares Short 20+ Year Treasury ETF 1.36 -14.18 -0.42

For use in a one-on-one presentations with a financial advisor present.

The above is a complete list of holdingsof Crystal Strategy I during the year.

Holdings are subject to change.



–Liquid

–Transparent

–Multi-Sector

–Cost Effective

–Unconstrained

–TacticalBrinker Capital Crystal Strategy IBringing Clarity to Alternative Investments

Brinker Capital, Inc. www.BrinkerCapital.com800.333.4573

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Brinker Capital Inc., a registered investment advisor

brinker capital crystal strategy review

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