Fund Description

The fund invests substantially all assets in a separate registered portfolio with the same objective and policies, and seeks its investment objective by investing in securities, derivatives and other instruments to establish long and short investment exposures around the world. It normally invests in multiple countries (at least three different countries, one of which can be the United States) and often has significant foreign currency exposure, focusing primarily on sovereign exposures such as currencies, interest rates and sovereign debt (including U.S. Treasuries). It may invest across credit quality, including below investment grade, and may be non-diversified with significant regional or country exposure, typically including emerging and frontier markets. It may hold MBS/ABS, loans, munis, corporate debt, commodities-related investments, and up to 10% in equities. Derivatives use may be extensive, may create economic leverage, and includes forwards, futures, options and swaps; it may use repos, reverse repos, forward commitments and short sales, and may hold money market instruments. It follows an absolute return approach benchmarked to cash instruments, seeking returns above the ICE BofA 3-Month U.S. Treasury Bill Index and largely independent of broad stock and bond moves, using macroeconomic and political analysis; ESG factors may be considered when relevant. The Portfolio may gain exposure to commodities by investing up to 25% of its total assets in a wholly-owned Cayman Islands subsidiary that invests primarily in commodities-related investments, as well as securities and other instruments in which the Portfolio is permitted to invest.