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: Exposure to stocks with low market betas and residual volatility funded by higher-risk stocks

Momentum: Exposure to stocks that have outperformed recently funded by underperforming stocks

Quality: Exposure to stocks with low leverage, stable and high-quality earnings, and high profitability and investment quality, funded by lower-quality stocks

Value: Exposure to stocks with low prices relative to accounting fundamentals and past prices, funded by higher-priced stocks

Small Cap: Exposure to stocks with smaller market caps funded by larger-cap stocks

Crowding: Exposure to stocks with low short utilization ratios funded by stocks with high short utilization ratios