The investment seeks long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets.
The fund pursues its objective primarily by allocating its assets among (i) investment sub-advisers who manage alternative or hedging investment strategies, (ii) other open-end funds, closed-end funds, or exchange-traded funds that use alternative or hedging strategies (collectively "underlying funds"), and (iii) derivatives, principally (though not limited to) total return swaps on reference pools of securities which may be managed by unaffiliated parties ("underlying pools"). It is non-diversified.
The investment seeks to provide investors with growth and income.
The fund is a "fund-of-funds," which seeks to achieve its investment goal by investing primarily in a diversified portfolio of underlying equity, fixed-income, and alternative funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds). These underlying funds, in turn, invest in a variety of U.S. and foreign equity securities, fixed-income instruments and other investments.