# Liquid alternatives
| Asset class | strategic | Allocation current | Q1 | Absolute YTD | return* 2020 |
| --- | --- | --- | --- | --- | --- |
| Systematic strategies | 6.0% | 5.9% | 0.7% | 0.7% | 0.5% |
| Discretionary strategies | 8.0% | 7.2% | 1.9% | 1.9% | 11.8% |
| **Liquid alternatives | 14.0% | 13.1% | 1.3% | 1.3% | 7.9% |

Discretionary strategies – Investment styles
0%	20%	40%	60%	80%
Diversified
Performance relative to equities
31/12/1998 – 31/03/2021
positive equity months	163
0.00%	0.75%	1.50%	2.25%	3.00%	3.75%
Ø Equity	3.3%
Equity long/short
53.6%
Ø Liquid alternatives
Event Driven
negative equity months	104
-3.75%  -3.00%  -2.25%  -1.50%  -0.75%  0.00%
Relative Value
Ø Equity
-3.7%
Ø Liquid alternatives
| Top external mandates Name | Investment style | Weight |
| --- | --- | --- |
| GoldenTree | Event driven | 3.7% |
| Greenvale | Equity long/short | 3.7% |
| Linden Advisors | Relative value | 3.6% |
| Zebedee Capital Partners | Equity long/short | 3.3% |
| Pentwater Capital | Event driven | 3.1% |
| Kuvari | Equity long/short | 3.0% |
| Capeview Capital | Equity long/short | 2.9% |
| Arrowstreet Capital | Systematic | 2.8% |
| Florin Court Capital | Systematic | 2.7% |
| Voleon International Investors | Systematic | 2.7% |

Source for all data and charts (if not indicated otherwise): LGT
* Hedged in USD. Currently, the following currencies are strategically hedged backed into USD: CHF, EUR, JPY, GBP and HKD.
** The return for the liquid alternatives portfolio includes the performance of the dynamic protection strategy up to and including 31 December 2020. As from 1 January 2021, this is no longer the case.

Translation (ENFR, 2021-03-31):
# Alternatives liquidées
Allocation	Rendement absolu*
| Classe d'actifs | stratégique | actuelle | Q1 | YTD | 2020 |
| --- | --- | --- | --- | --- | --- |
| Alternative style premia | 6.0% | 5.9% | 0,7% | 0,7% | 0,5% |
| Alpha generation | 8.0% | 7.2% | 1,9% | 1,9% | 11,8% |
| **Liquid alternatives | 14.0% | 13.1% | 1,3% | 1,3% | 7,9% |

Discretionary strategies – Styles
0%	20%	40%	60%	80%
Diversified
Performances relatives aux actions
31/12/1998 – 31/03/2021
mois où le rendement des actions est positif	163
0,00%  0,75%  1,50%  2,25%  3,00%  3,75%
Ø actions	3,3%
Equity long/short
53,6%
Ø alternatives liquidées
Event Driven
mois où le rendement des actions est négatif	104
-3,75% -3,00% -2,25% -1,50% -0,75%  0,00%
Relative Value
Ø actions
-3,7%
Ø alternatives liquidées
| Les plus grands mandats externes Noms | Placement style | Poids |
| --- | --- | --- |
| GoldenTree | Event Driven | 3,7% |
| Greenvale | Long/short Equity | 3,7% |
| Linden Advisors | Relative Value | 3,6% |
| Zebedee Capital Partners | Long/short Equity | 3,3% |
| Pentwater Capital | Event Driven | 3,1% |
| Kuvari | Long/short Equity | 3,0% |
| Capeview Capital | Long/short Equity | 2,9% |
| Arrowstreet Capital | Systematic | 2,8% |
| Florin Court Capital | Systematic | 2,7% |
| Voleon International Investors | Systematic | 2,7% |

Source des données et des graphiques (sauf indication contraire): LGT
- Couvert en USD. Actuellement, les devises suivantes sont stratégiquement couvertes en USD: CHF, EUR, JPY, GBP et HKD.

** Le rendement du portefeuille Liquid Alternatives comprend la performance de la stratégie de protection dynamique jusqu’au 31 décembre inclus. Ce n’est plus le cas à partir du 1er janvier 2021.