Key takeaways: Strong track record Since launch in May 2018, MSP has delivered 8.3% annualized net returns and a Sharpe Ratio of 1.11, while maintaining low correlation to equities. Structural advantages MSP combines five lowly correlated hedge fund programs accessing 2,000-2,500 alpha sources on a single technology platform with complete transparency, performance fee netting and centralized risk management. Compelling market opportunity The Portfolio is well-positioned to capitalize on the fixed income and credit opportunity-set as it evolves. Three current themes are: stress in lower-rated credits, macro volatility and idiosyncratic events, and credit dispersion from K-shaped recovery.