mitigate correlation risk.
• Portfolio positions are diversified by Region, Asset Class, Directional Bias and Volatility State.
• The two main components of the portfolio: "Global Macro" and "Listed Equities" balance returns ... across global
volatility states.
— When markets are 'moving,' i.e. high volatility, the importance of the contribution from listed equities will
be equal to that of the Global Macro book. When