Fund Description

The fund seeks returns from potential gains in long and short equity positions and is designed to be market- or beta-neutral, targeting on average a portfolio beta of zero to the equity markets in which it invests over a normal business cycle. Under normal market conditions, it invests at least 80% of net assets (including borrowings) in equity instruments and equity-related and/or derivative instruments, including stocks, preferreds, depositary receipts, REITs, swaps, futures, ETFs and similar vehicles. It takes long positions in instruments forecast to be undervalued and shorts those forecast to be overvalued across global developed markets without country limits, and may hedge foreign currency exposure.