Fund Description

The fund has a broad mandate to build a diversified portfolio intended to participate in growing markets over a full market cycle while limiting large losses in volatile and declining markets, by implementing a broad and diversified array of liquid alternative strategies, including strategies that are not employed by the fund. It invests globally in U.S. and non-U.S. equities and fixed income without credit rating or maturity limits, may emphasize particular sectors, and may invest in emerging and developed markets, other investment companies (including ETFs), and structured securities. It may use derivatives and short-selling for hedging, exposure management, return enhancement, duration adjustment (including negative duration), and net short positions, and may trade frequently, resulting in high turnover. It uses a manager-of-managers structure with UBS AM allocating assets among itself and subadvisors across multiple strategies.