In a low rate environment, opportunities for income are more scarce. However, alternative assets, such as transport, direct lending, infrastructure, and real estate can provide income opportunities, as shown in the left chart. On the top right side of the page we compare the returns on the HFRI fund-weighted composite index to returns on the S&P 500 in up and down markets for equities over the past 15 years. On the bottom right, we show returns from the HFRI index as well as the Barclays U.S. Agg. over the past 15 years. The bottom line for this slide is that while manager selection is crucial, in general, hedge funds have provided investors with a lower volatility approach to equities, as well as fixed income-like returns without the same interest rate risk. This can help diminish overall portfolio volatility, and keep investors on track to accomplish their long-term goals.