To most investors, both institutional and retail, there aren't many — essentially higher risk and less liquid and less transparent vehicles such as junk bonds, high -
yield debt vehicles and hedge funds.
It is a multi-asset fund but it is largely unconstrained: it targets US and international income - producing securities including common stock, high -
yield and investment grade
debt, preferred shares and convertibles, and a variety of hedges including gold, precious metals, currency forward contracts, and inflation - linked
vehicles.