Keith D. Pagan

MLAM's worldwide approach to equity investing uses a philosophy of identifying relative value among individual stocks and stock markets by focusing primarily on two variables: reinvestment rate and the price-to-book value ratio. There are seven additional screens employed to further refine the process. The factors used to identify value include price-to-cash flow, price-to-earnings ratios, past and future earnings growth and dividend payouts. For asset allocation, a country whose market valuation measurements seem consistently above or below world averages or its own historical averages are over or under-weighted accordingly. The degrees of over or under-weighting are determined by relative economic prospects as measured by the outlook for GNP, inflation and interest rates of each country and their impact on currency movements. By combining a value approach to individual stock selection with asset allocation by country, the firm seeks to achieve consistent performance relative to international equity indexes. MLAM combines top-down and bottom-up analysis and uses proprietary models as part of their research process. Their funds are team-managed.

Bank of America Capital Advisors (BACA) and their affiliates provide investment solutions, portfolio construction advice and wealth management guidance across Merrill Lynch Global Wealth and Retirement Solutions (GWRS), a division of Bank of America. GWRS supports BACA in the management of the funds, including but not limited to, due diligence, investment selection, ongoing monitoring and portfolio reallocation of the portfolio funds/portfolio managers in the funds portfolios.

Provides investment services

Functions as a College/University

GEM Capital focuses on tax-efficient investing. The firm uses three strategies to generate tax-free income for our clients: traditional, high-quality municipal bonds, high-yield municipal bonds and municipal bond arbitrage. GEM manages Belvedere Advantaged Muni Fund LLC.

Provides investment advice

Provides scholarships and educational program services

Belvedere Advisors concentrates its investment research efforts on listed securities and quantitative approaches as they apply to Belvedere Advisors’ proprietary strategies which focuses on the underlying factors that affect a strategy’s actual performance and its potential growth. The firm generally invests client assets in individual securities, such as stocks, or exchange traded index funds. Other types of investments, including mutual funds and options, may also be considered at client's request. Belvedere Advisors’ proprietary strategies invest client accounts in a basket of exchange traded funds. These securities are typically liquid, have a recognized market price, and can be traded at any time. They will fluctuate in price and any sale may occur at a price below the purchase price.

Belvedere Asset Management (BAM) has three lines of business: (1) BAM manages client assets in separate accounts, which are primarily managed by third-party portfolio managers, offering wealth management, planning and other client services (2) BAM serves as the general partner or investment manager of two private pooled investment vehicle families: Belvedere Multi-Manager Master Fund LP and Belvedere Liquid Strategies LLC, a limited liability company organized in a multi-series structure and (3) BAM serves as the investment advisor to the Belvedere Alternative Income Fund, a series of the Two Roads Shared Trust, a registered investment company.