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The objective of absolute return investment strategies is to generate positive returns, regardless of movements in the markets of the asset classes where we invest. Many of these internal investments use no net capital (we use a balanced combination of long and short positions on stocks, industries or investment styles), but to the extent that they do, they are classified as fixed income.
Some absolute return strategies aim to capture tactical opportunities to extract extra returns from underweighting or overweighting various asset classes.
We also invest in externally managed hedge funds. We manage these investments both directly and through fund-of-funds structures designed to earn market-neutral value added consistently while diversifying risk across many managers and multiple strategies and styles.
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