Core Macro
Equity
Exposure to the long-term economic growth and profitability of companies.
Interest Rates
Exposure to the time value of money (interest rates and inflation risk).
Credit
Exposure to corporate default and failure-to-pay risks specific to developed market corporate bonds.
Commodities
Exposure to changes in prices for hard assets.
Secondary Macro
Emerging Markets
Exposure to the sovereign and economic risks of emerging markets relative to developed markets.
Foreign Currency
Exposure to moves in foreign currency values versus the portfolio’s local currency.
Local Inflation
Exposure to inflation-linked rates relative to fixed nominal rates within the local currency area.
*Only available in USD or GBP.
Equity Short Volatility
Negative exposure to the moves in equity market volatility.
Local Equity
Exposure to home bias (the tendency to invest in domestic over foreign equity).
Equity Styles
Low Risk
Exposure to stocks with low betas to the global equity market and low residual return volatility.
Momentum
Exposure to stocks that have outperformed over the past year.
Quality
Exposure to stocks with high earnings quality, investment quality, profitability, low earnings variability and leverage.
Value
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.
Small Cap
Exposure to stocks with small market capitalizations.