The Long/Short Equity strategy seeks to achieve long-term growth of capital. Its investment universe is primarily composed of large- and mid-cap US stocks, although the Portfolio opportunistically invests in non-US issuers and smaller-cap companies. Investments are unconstrained by style or sector. The Portfolio’s experienced investment team applies intensive fundamental analysis and macroeconomic insights to identify investment opportunities and potential short-sale candidates. These candidates can be characterized by their potential for earnings growth on a three- to five-year time horizon; their strong management teams and understandable, transparent business models; their emphasis on catalysts that could propel earnings, such as positive earnings revisions or dissipating investor fear about a given stock; their shareholder-friendly actions (e.g., dividends and share buybacks); and, in the case of short candidates, their short-term valuation concerns or long-term headwinds to their business model. The team’s process includes the flexibility to adjust the Portfolio based on evolving market opportunities, including by reducing its net exposure when market risk is excessive. Market exposure is typically 30%–70% net long.