(Harvest) The committee upgraded Directional Hedged Strategies to slight overweight from neutral. Investing conditions over the past year have, for some strategies, been even more challenging than 2008, as high holdings concentration and crowded markets exacerbated poor performance. Redemptions have been pronounced, especially in activist and event-driven strategies. However, strategies such as hedged equities could experience a tailwind in the form of increased market volatility, and we also believe global macro and trend-following strategies could fare well as central bank and macroeconomic news continue to move markets.