Strategic investors tend to be comfortable with avoiding market exposure in unfavorable conditions, when cash emerges as a tactical asset. Carl Kaufman, portfolio manager of the Osterweis Strategic Income Fund, explains how his team follows an absolute return mandate with an unconstrained approach, staying defensive when investing in the markets

Stocks and fixed income securities do not often move in the same direction, allowing tactical income investors to find downside protection against fluctuations. Alex Oxenham, portfolio manager of the Direxion Hilton Tactical Income Fund, aims to achieve an annual return between 6% and 8% over a complete market cycle, with

Traditionally, fixed-income investment organizations have relied on a single manager overseeing the whole decision-making cycle with the support of a research team. Guggenheim Investments has deconstructed this common execution model. Instead of using a centralized structure, Guggenheim’s fixed-income group has four individual teams working together at macro research, sector, portfolio

In today’s efficient marketplace, finding an undervalued company ahead of the crowd is a difficult task. Instead, Murray Stahl, Chairman, CEO and Chief Investment Officer of Horizon Kinetics, and co-portfolio manager of the Kinetics Market Opportunities Fund, concentrates on companies with no fundamental issues but with structural impediments that drive

The search for returns in the fixed income space often leads to excessively intricate strategies that give less priority to the core strengths of individual bonds. John Pattullo and Jenna Barnard, portfolio managers of the Henderson Strategic Income Fund, believe that a bond fund should behave like a true bond

Closed-end funds have the ability to trade at premiums or discounts to their asset value, and allow an investor to build a relative value portfolio that delivers both capital appreciation and current income. Erik Herzfeld explains how the Virtus Herzfeld Fund invests in well-managed closed-end funds that trade at a

Highly innovative companies possess deep reservoirs of knowledge capital that is hidden from investors. The Gavekal KL Allocation Fund relies on a proprietary model to select knowledge leaders and has the flexibility to invest in multiple geographies, sectors, and asset classes. Portfolio managers Eric Bush and Bryce Coward explain how

Since managed futures provide a return stream uncorrelated with equity markets, they can be a good portfolio diversifier. Matt Osborne, CIO of Altegris and portfolio manager of the Altegris Futures Evolution Strategy Fund, believes that investors often neglect the potential of managed futures due to their volatility. The fund aims

One of the main challenges that most multi-strategy funds face is the successful integration of independent strategies into a truly diversified portfolio. The Grant Park Multi Alternative Strategies Fund utilizes multiple, rule-based systems to capture trends across a wide variety of asset classes, which creates a diversified investment portfolio that

Financial markets are inherently volatile, at times going through extended periods of decline. This volatility is driven by the struggle between growth and value investors rendering persistent phases of inefficiencies and often overshooting fundamentals. The State Street / Ramius Managed Futures Strategy Fund combines trend following and quantitative global macro