Amid significant market volatility driven by uncertainty surrounding U.S. policies, a flexible and disciplined unconstrained strategy can seize high-conviction opportunities and deliver diversified sources of alpha. Key points: Market reactions to new U.S. economic and trade policies have been substantial, invoking wild swings in valuation as investors’ outlooks for growth and inflation fluctuate constantly amidst the uncertainty. In this environment, it is important for investment managers to be flexible while acting with conviction to exploit opportunities that may arise. The unconstrained nature of our strategy combined with a disciplined investment process allows us to capitalize on high conviction ideas to generate diversified and differentiated sources of alpha.