The Bridge Between Protection and Growth®

Strategies brought to life by a unique synergy between human experience, machine learning, thoughtful design and precise security selection

Investment Director Elizabeth Marchetti describes how an evolving and growing smart beta universe has advanced opportunities in product design.

Diverse Solutions Unified by Key Principles

Offering a strong balance between discretionary input and systematic execution, our platform addresses a wide range of needs and objectives in portfolio management. While our strategies are unique in form and function, each offers multi-layered risk management, factor-driven security selection and rules-based execution.   Choose below to review our strategies by asset class or solution.

Alternatives
Equity
Fixed Income
Multi-asset
Core Investing
ESG & Thematic Impact
Return Enhancement
Risk Management
Target-risk/Balanced Allocation
Yield Enhancement

Impact Risk-Managed: Global Bond

Align credit exposure with ESG objectives and select impact themes

Impact Risk-Managed: Global Bond

Impact-Risk Managed: Global Bond is a core-plus fixed income solution that delivers diversified credit exposure aligned with ESG objectives and sustainability projects. In combination with Impact-Risk Managed: Global Equity, the strategy offers a foundation for whole-portfolio integration of ESG & SRI.

Objective: Risk-managed fixed income portfolio built around sustainability-focused bond funds and exposure that tracks ESG-oriented credit indices

Primary asset class: Fixed income

Tactical allocation ranges:

  • ESG & impact bond funds: 0%-100%
    • Broad-based exposure to debt issues of companies with high ESG scores
    • Focused exposure to government & corporate debt issues financing green projects – primarily solar, wind & carbon construction
    • Includes non-investment grade issues that meet ESG or green criteria
  • US Treasuries: 0%-100%
  • Cash: 0%-100%

Target allocation: 100% fixed income

Portfolio construction ideas:

  • Leverage as core-plus fixed income component of ESG/ SRI portfolio
  • Risk management:
    • Use ESG’s lower-volatility characteristics as overlay to reduce volatility in traditional credit allocation
    • Multi-layered structural risk management afforded by tactical strategy
    • Duration management within non-ESG/ SRI portion of portfolio
  • Position as ESG/ impact satellite to traditional fixed income exposure

Options

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Separately Managed Account (SMA)

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CorePlus: Moderate

Moderate target-risk portfolio solution

CorePlus: Moderate

CorePlus: Moderate is a risk-managed target-risk allocation designed to provide an asset mix and return profile comparable to those of Target Date Funds, but with tactical flexibility to reduce or eliminate risk-asset exposure in periods of market stress. The CorePlus portfolios focus on stability, capital preservation and market-like returns over the long term, but with tightly managed drawdown exposure to maximize investor “time in the market.”

Objective: Focus on downside protection and portfolio stability in order to promote long-term investment

Target allocation: 60% global equity, 40% global fixed income

Portfolio usage: The CorePlus portfolios are intended to serve as comprehensive allocations in the context of target-risk portfolio construction. The strategies are intended to deliver a required rate of total return over the very long term but are not expected to provide excess return relative to rapidly rising asset prices. Instead, the short-term focus is minimizing downside exposure in order to keep investors in the markets and on the path to long-term investment goals.


Options

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Separately Managed Account (SMA)

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CorePlus: Conservative

Conservative target-risk portfolio solution

CorePlus: Conservative

CorePlus: Conservative is a risk-managed target-risk allocation designed to provide an asset mix and return profile comparable to those of Target Date Funds, but with tactical flexibility to reduce or eliminate risk-asset exposure in periods of market stress. The CorePlus portfolios focus on stability, capital preservation and market-like returns over the long term, but with tightly managed drawdown exposure to maximize investor “time in the market.”

Objective: Focus on downside protection and portfolio stability in order to promote long-term investment

Target allocation: 30% global equity, 70% global fixed income

Portfolio usage: The CorePlus portfolios are intended to serve as comprehensive allocations in the context of target-risk portfolio construction. The strategies are intended to deliver a required rate of total return over the very long term but are not expected to provide excess return relative to rapidly rising asset prices. Instead, the short-term focus is minimizing downside exposure in order to keep investors in the markets and on the path to long-term investment goals.


Options

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Separately Managed Account (SMA)

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CorePlus: Bond

Comprehensive core bond allocation for target-risk portfolio construction

CorePlus: Bond

CorePlus: Bond is the risk-managed fixed income component of a CorePlus suite designed to provide an asset mix and return profile comparable to those of Target Date Funds, but with tactical flexibility to reduce or eliminate risk-asset exposure in periods of market stress. These portfolios focus on stability, capital preservation and market-like returns over the long term, but with tightly managed drawdown exposure to maximize investor “time in the market.”

Objective: Focus on downside protection and portfolio stability in order to promote long-term investment

Primary asset class: Global fixed income

Target allocation: 100% fixed income

Portfolio usage: The CorePlus portfolios are intended to serve as comprehensive allocations in the context of target-risk portfolio construction. The strategies are intended to deliver a required rate of total return over the very long term but are not expected to provide excess return relative to rapidly rising asset prices. Instead, the short-term focus is minimizing downside exposure in order to keep investors in the markets and on the path to long-term investment goals. In combination with CorePlus: Equity, CorePlus: Bond can be weighted to accommodate a given target-risk profile.


Options

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Separately Managed Account (SMA)

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Impact Risk-Managed: Global Equity

Align core global equity exposure with ESG objectives & key impact themes

Impact Risk-Managed: Global Equity

Impact-Risk Managed: Global Equity (IRM:GE) provides a tactical framework for core equity investing that aligns with ESG objectives and provides thematic impact exposure. In combination with Impact-Risk Managed: Global Bond, the strategy offers a foundation for whole-portfolio integration of ESG considerations and key themes. Objective: Achieve long-term risk-managed growth through global equity

Primary asset class: global equity

Tactical ranges:

  • Global equity: 0%-100%
    • US, developed international & emerging markets ETFs that hold companies with strong ESG traits or high ESG scores
    • Broad-based sustainable impact funds
    • Thematic exposures including low-carbon, & gender diversity
  • Investment-grade fixed income & cash: 0%-100%

Target allocation: 100% global equity

Portfolio construction ideas:

  • Leverage as comprehensive core equity component in ESG/ SRI portfolio
  • Position as ESG/ impact satellite to traditional equity exposure
  • Enhance equity risk management in two ways:
    • Draw on lower-volatility profile of companies with above-average ESG scores
    • Incorporate multi-layered structural risk management through tactical framework

Options

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Separately Managed Account (SMA)

Resources and Materials

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Factor Select

Precisely target precise drivers of US equity market upside

Factor Select

Factor Select (FS) provides concentrated exposure through strategic beta to factor leadership within US equity. The strategy uses quantitative models to examine patterns in investor behavior that may induce a “regime shift” or a change in market sentiment at a given point in the economic or factor cycle. Objective: Over a full market cycle, outperform the S&P 500 by pursuing growth through factor-based approach Primary asset class: US equity Tactical ranges: 

  • Momentum, 0%-100%
  • Growth, 0%-100%
  • Value, 0%-100%
  • Low-Volatility, 0%-100%
  • Defensive sector combinations, 0%-100%

Portfolio construction ideas:

  • Use as satellite for strategic/ core US equity portfolio – return enhancement in constructive markets
  • Position as volatility dampener in aggressive long-only US equity portfolio
  • Introduce as completion component for fundamental stock portfolios

Options

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Separately Managed Account (SMA)

Resources and Materials

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MLP Risk-Managed

Tactically access MLPs & energy infrastructure securities

MLP Risk-Managed

MLP Risk-Managed (MLPRM) is a mechanism for tactical participation in an asset class that can offer high total return but involves high risk.

Objective: Over a market cycle, capture sector’s high total return potential – through both yield and capital appreciation – but significantly reduce drawdown exposure relative to long-only allocation

Primary asset class: Master Limited Partnerships (MLPs) & energy infrastructure

Asset allocation ranges:

  • MLP/ energy infrastructure ETFs: 0%-100%
  • Investment-grade fixed income & cash: 0%-100%

Target allocation: 100% MLP ETFs

Portfolio construction ideas:

  • Use as component of aggressive income-asset portfolio
  • Incorporate as overlay/ structural “hedge” in bottom-up energy or MLPs portfolio
  • Deploy cyclically in sector-based portfolio or as thematic completion component in core US or global equity

Options

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Separately Managed Account (SMA)

Resources and Materials

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Credit Select Risk-Managed

Manage credit and duration risk to harvest income

Credit Select Risk-Managed

Credit Select Risk-Managed (CSRM) is a dynamic approach to multi-sector fixed income, built to enhance total return and manage duration over a full market cycle.

Objective: Increase total return over a full market cycle through opportunistic yield enhancement in constructive credit markets; dynamic duration management across markets; rapid de-risking in negative credit conditions; tail-risk hedge in extreme environments

Primary asset class: High yield debt

Tactical ranges:

  • High yield: 0% to 100%
  • Investment-grade fixed income & cash: 0% – 100%
    • “Calibrate” duration
    • Ultra-short to intermediate-term & floating-rate

Target allocation: 95% high yield, 5% investment-grade fixed income & cash

Portfolio construction ideas:

  • Enhance total return in core fixed income portfolio: manage duration and  opportunistically shore up yield without strategic commitment to higher-risk credit segments
  • Use as satellite allocation to individual bond portfolio: liquid complement to laddered corporates, for example
  • Complement strategic high yield allocations: provide tactical asset class “hedge” alongside buy-and-hold high yield exposure
  • Consider as an allocation within a liquid alternatives portfolio: lower-volatility complement to long-short equity holdings

Options

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Investor Class Mutual Fund

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Institutional Class Mutual Fund

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Collective Investment Trust (CIT)

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Separately Managed Account (SMA)

Resources and Materials

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Global Allocation Risk-Managed

Balance exposure & manage risk across unconstrained global asset class components

Global Allocation Risk-Managed

Global Allocation Risk-Managed (GARM) was built to serve as a comprehensive core global asset allocation solution; it deploys capital tactically between and within various sub-strategies, each of which rely on independent, multi-layered risk management frameworks. GARM’s overall goal is to align capital with select risk-asset momentum in constructive markets, manage drawdowns amid normalized market volatility, and de-risk rapidly when market deterioration is abrupt and severe.

Objective: Capture long-term upside in equity & high-income asset classes while managing drawdowns and maintaining long-term average allocation comparable to 60/40 portfolio

Primary asset class: Global equity & global income assets

Tactical ranges:

  • Equity, 0%-65%
    • US: 0%-45%
      • Large cap: 0%-25%
      • Mid cap: 0%-10%
      • Small cap: 0%-10%
    • Core global & global sectors: 0%-30%
    • Developed international: 0%-10%
    • Emerging markets: 0%-20%
  •  Fixed income, 35%-100%
    • High yield & specialty income: 0%-35%
    • Investment-grade fixed income & cash: 0%-100%

Target allocation: 65% equity, 35% fixed income

Multi-layered risk management:

  • Within asset classes
    • Rotations between size, style, geography: for example, can eliminate emerging markets in favor of increased US exposure
    • Security selection/ strategic beta: for example, can hold specific global sectors rather than broad-based global or minimum-volatility rather than market-weight exposure
  • Between asset classes
    • Top-down allocation is a function of independent, rules-based “calls” made by underlying sub-models (i.e., sub-models’ exposure rolls up to overall allocation)
    • Strategy can de-risk completely – range of 0%-100% defensive fixed income & cash

Portfolio construction ideas:

  • Use as primary allocation/ core of globally diversified balanced portfolio – complement with individual US stocks & bonds held to maturity
  • Incorporate as rules-based macro overlay to complement existing strategic fund allocations
  • Position as liquid global macro component of alternatives allocation, especially alongside fundamental strategies

Options

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Separately Managed Account (SMA)

Resources and Materials

Return to Strategy Filter

Diversified Income Risk-Managed

Navigate income asset universe to enhance total return while managing drawdown

Diversified Income Risk-Managed

Diversified Income Risk-Managed (DIRM) is a “go-anywhere” income strategy that aims to enhance total return through non-traditional income sources while maintaining a balanced risk profile and managing drawdown relative to long-only aggressive income strategies.

Objective: Provide robust total return through non-traditional income sources including junk bonds, infrastructure, MLPs, listed private equity, convertibles & preferreds

Primary asset class: Non-traditional income

Tactical ranges:

  • 0%-80%: Developed ex-US & EM sovereign bonds
  • 0%-40%: High yield
  • 0%-40%: MLPs
  • 0%-40%: Income equities
  • 0%-20%: Specialty sectors
  • 0%-20%: Precious metals
  • 0%-100%: Duration-managed core US bonds
  • 0%-100%: Cash

Target allocation: 100% in non-traditional income assets

Portfolio construction ideas:

  • Introduce as “income macro” allocation in aggressive income portfolio
  • Use as total return satellite for strategic core fixed income portfolio
  • Reduce max drawdown profile of strategic high yield, MLP or special equity allocation

Options

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Separately Managed Account (SMA)

Resources and Materials

Return to Strategy Filter

Momentum Opportunities Risk-Managed

Capture factor-, sector- and industry-level momentum in US equity

Momentum Opportunities Risk-Managed

Momentum Opportunities Risk-Managed (MORM) is a growth equity strategy that attempts to concentrate capital on momentum leadership at the factor, sector & sub-industry levels, while managing drawdowns through tactical shifts in stressful market conditions.

Objective: Outperform the S&P 500 over a full market cycle while mitigating downside risk

Primary asset class: US equity

Tactical ranges: 

  • US equity, 0%-100%
    • Range of positions depending on market conditions
    • When fully “risk-on,” will hold 5 equally weighted positions in US equity sector or sub-industry ETFs
    • Defensive equity positions call for pair or groups of lower-volatility sectors
  • Investment-grade fixed income & cash, 0%-100%

Target allocation: 100% US equity

Risk management mechanisms:

  • Ability to both exit equity & eliminate duration in risk-off segment by allocating 100% to cash
  • In negative market conditions model can remain invested in equity but will “down-shift” into low-volatility or traditionally defensive sector pairs/ groups
  • In absence of compelling sector trends, model can allocate to broad-based momentum holding

Portfolio construction ideas:

  • Introduce as structural “hedge” within growth equity allocation
  • Where risk tolerance is moderate to high, use as completion portfolio for core US large cap equity – multi-factor sector holdings provide cap & style diversification
  • Pair with concentrated large-cap core or quality growth stock portfolio
  • Analyze as potential alternative to pure growth allocation

Options

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Separately Managed Account (SMA)

Resources and Materials

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International Select Risk-Managed

Explore international equity momentum through geography, style and size

International Select Risk-Managed

International Select Risk-Managed (ISRM) is a vehicle for tactical investment in global “best ideas,” focusing on ex-US investment through factor-, size- and style-based rotations within and between geographical categories. The strategy may allocate away from equities in periods of increased volatility or into global holdings when market conditions favor global investment.

Objective: Over a full market cycle, outperform the MSCI All Country World ex-US Index through tactical allocation and risk management

Primary asset class: International equity

Tactical ranges:

  • Equity, 0%-100%
    • Developed international: 0%-100%
    • Emerging markets: 0%-100%
    • Core global & global sectors: 0%-50%
  • Global bonds, 0%-100%

Target allocation: 100% international equity

Portfolio construction ideas

  • Incorporate as rules-based macro overlay to complement existing strategic fund allocations in global or ex-US portfolio
  • Use as core ex-US component of global equity portfolio in combination with strategic US holdings

Options

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Separately Managed Account (SMA)

Resources and Materials

Return to Strategy Filter

Factor Select Risk-Managed

Target drivers of US equity market upside in risk-managed framework

Factor Select Risk-Managed

Factor Select (FSRM) provides concentrated exposure through strategic beta to factor leadership within US equity.  The strategy uses quantitative models to examine patterns in investor behavior that may induce a “regime shift” or a change in market sentiment at a given point in the economic or factor cycle. The strategy also deploys multi-layered risk management to protect capital when conditions erode or abruptly reverse.

Objective: Over a full market cycle, outperform the S&P 500 by pursuing a focused factor-based approach to asset rotation while managing drawdowns

Primary asset class: US equity

Tactical ranges: 

  • US equity, 0%-100%
    • Momentum
    • Growth
    • Value
    • Low-Volatility
    • Defensive sector combinations
  • Investment-grade fixed income & cash, 0%-100%

Target allocation: 100% US equity

Portfolio construction ideas:

  • Use as satellite for strategic/ core US equity portfolio – return enhancement in constructive markets, volatility dampener in risk-off environments
  • Introduce as completion component for fundamental stock portfolios
  • Analyze potential for use as core US equity allocation where risk tolerance is moderate to high

Options

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Separately Managed Account (SMA)

Resources and Materials

Return to Strategy Filter

Sector Select Risk-Managed

Complement core equity exposure with risk-managed US sector rotation

Sector Select Risk-Managed

Sector Select Risk-Managed (SSRM) is an asset allocation strategy built to provide risk-managed exposure to US equity.

Objective: Provide competitive return over a full market cycle by managing drawdown through structural “hedging” and tactical allocation changes; participate in S&P 500 upside by concentrating capital on sector-level sources of momentum

Primary asset class: US large cap equity

Secondary asset class: “Alternate Segment” – a basket of non-equity securities that are historically inversely or lowly correlated to equities

Tactical ranges:

  • US equity – 0-88%
    • Typically overweights overall sector momentum leader at 48%
    • Four additional sectors at 10%
    • Uses equal-weight exposure in the interest of diversification & value exposure
  • Alternate Segment, 12%-100%
    • Cash, investment-grade fixed income & gold

Target allocation: 88% equity sectors/ 12% Alternate Segment

Portfolio construction ideas:

  • Introduce as structural “hedge” within core long-only US equity portfolio
  • Use as completion portfolio for core equity:  equal-weight sector exposure provides style & size diversification relative to cap-weighted
  • Analyze as potential alternative to pure value holdings
  • Incorporate as US equity component of listed alternatives portfolio

Options

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Separately Managed Account (SMA)

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Collective Investment Trust

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Institutional Class Mutual Fund

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Investor Class Mutual Fund

Resources and Materials

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Listed Alternatives

Allocate to alternatives in a liquid, flexible format

Listed Alternatives

Listed Alternatives (LALTS) is a rules-based solution designed to offer tactical, flexible exposure to a broad universe of liquid alternatives strategies. The strategy attempts to replicate the capital protection and risk-adjusted return characteristics of hedge funds and other strategies comprising “alternatives” space, but aims for improved liquidity, transparency and cost-efficiency by leveraging publicly traded instruments.

Objective: Deliver flexible and liquid exposure to a range of alternative assets

Primary asset class: Listed alternative funds

Tactical ranges: 

  • Growth & diversification-focused alternatives, 42%-100%
    • Non-traditional equity, 9%-32%
    • Non-traditional fixed income, 28%-53%
    • Hedged multi-strategy, 5%-15%
  • Capital preservation assets, 0%-48%

Target allocation: 100% alternatives

Portfolio Construction Ideas:

  • Substitute flexible, cost-efficient and liquid exposure for non-listed alternatives
  • Complement private portfolio with liquid strategies
  • Use cyclically or as a transition tool when equity & fixed income rebalance appears untimely due to market conditions

Options

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Separately Managed Account (SMA)

Resources and Materials

Return to Strategy Filter

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