The investment objective of the Hedged Alpha Opportunities Portfolio is to seek long term total return, manage volatility and mitigate downside risk. The Portfolio combines a long only, multi manager equity portfolio, with an index based hedging strategy. The overall strategy aims to capture the outperformance generated by equity investment managers, while seeking to reduce exposure to equity market volatility, particularly in times of extreme stock market weakness. Equity strategies with different characteristics in terms of regional exposures and/or investment style are selected with the aim of improving diversification and offsetting risks. The strategy selection process incorporates an analysis of the investment universe of each equity strategy including market-capitalisation biases, outperformance potential, investment style and the potential overlap of each strategy.