Summary

GAA Defensive is meant for investors who are already trading a portfolio with significant Equity beta. This share class uses all of the factors and silos of GAA but only takes short and relative value signals in Equities, meaning it is never net long Equities on a risk-adjusted basis. The exposure across Fixed Income, Commodity and Currency serves as a diversifying complement to the investor's Equity portfolio. The combination of signals used by GAA Defensive is the same as that of the GAA Mutual Fund.