Exposure to the long-term economic growth and profitability of companies.
Exposure to the time value of money (interest rates and inflation risk).
Exposure to corporate default and failure-to-pay risks specific to developed market corporate bonds.
Exposure to changes in prices for hard assets.
Exposure to the sovereign and economic risks of emerging markets relative to developed markets.
Exposure to moves in foreign currency values versus the portfolio’s local currency.
Exposure to inflation rates within the local economy in relation to real rates.
Equity Short Volatility
Negative exposure to the moves in equity market volatility.
Exposure to home bias (the tendency to invest in domestic over foreign equity).
Exposure to stocks with low betas to the global equity market and low residual return volatility.
Exposure to stocks that have outperformed over the past year.
Exposure to stocks with high earnings quality, investment quality, and profitability and low earnings variability and leverage.
Exposure to stocks that have under-performed over the past four years and that have high book to price ratios, earnings yields, and dividend yields.
Exposure to stocks with small market capitalizations.