Adaptive Investments is a mutual fund, ETF and separately managed accounts (SMA) advisory firm offering dynamic portfolio solutions that adjust to risk based on changing market conditions. Adaptive Investments was founded in 2015 and is the Investment Advisor to the Adaptive Funds. INVESTMENT PHILOSOPHY Cavalier Investments was founded on the principle that the 1950s era buy-and-hold tenet of the Modern Portfolio Theory no longer best serves investors in today’s turbulent markets. Cavalier adheres to the theory of adaptive correlation, which offers a more agile approach to reallocating assets with shifting markets, aiming to deliver investors both relative returns in up markets and protection against losses in down markets. MANAGER SELECTION Through extensive research and due diligence, Cavalier strives to identify managers who have demonstrated: benchmark performance in up markets; defensive positioning in down markets; consistent adherence to its stated investment philosophy; continuity of management team; and long-term performance that meets or exceeds our fiduciary scoring review.