Quantitative strategies are embedded into the overall management of our active funds and are not separate strategies.
Within our active equity strategies, we pursue a multi-manager structure. We typically select two or more managers to implement each of our strategies. The managers are chosen for their individual ability to add value to the portfolio given their particular style. Additionally, the managers chosen have complementary styles, leading to lower correlation of returns relative to the portfolio benchmark, resulting in improved risk characteristics. We do not classify managers as either “quantitative” or “fundamental” as we do not believe these labels adequately capture the return drivers of the strategies.