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.

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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.

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