We maintain a risk limit based on phases of the economic cycle.  Risk limits are designed to protect assets while we invest.

By creating a risk profile with more upside than downside can have a long-term benefit to an investor. We use Risk-shaping instruments to reduce risk or enhance returns in a non-linear investment format.

We look for opportunities to be offensive in our investment positions when protection is in place. With protection, investing on offense is opportunistically rewarded in today’s investment markets.

We expect to have gains in excess of market performance in some scenarios and we intend to take these gains when they are available. We can then reset the investment position to protect the gains as we invest and protect.