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

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)

Local Equity: Exposure to home bias (the tendency to invest in domestic over foreign equity)

Equity Short Volatility: Negative exposure to the moves in equity market volatility

Fixed Income Carry: Exposure to high-yielding 10-year bond futures funded by low-yielding 10-year bond futures

Foreign Exchange Carry: Exposure to high-yielding G10 currencies funded by low-yielding G10 currencies

Trend Following: Long-short exposure to multi-asset-class futures based on 6- to 12-month trailing returns 

Low Risk: Long exposure to stocks with low market betas and residual volatility and short exposure to higher-risk stocks.

Momentum: Long exposure to stocks that have outperformed recently and short exposure to recently underperforming stocks.

Quality: Long exposure to stocks with low leverage and high profitability and short exposure to lower-quality stocks.

Value: Long exposure to stocks with low prices relative to accounting fundamentals and short exposure to higher-priced stocks relative to fundamentals.

Small Cap: Long exposure to stocks with smaller market caps and short exposure to larger-cap stocks.

Crowding: Short exposure to U.S. stocks that are widely shorted by the investment community and long exposure to those stocks that are not as widely held short.