A mix of strategies which aim to generate consistent returns in different market conditions, with a lower correlation to equity markets across the cycle. 

Our Uncorrelated Strategies aim to generate consistent returns above the returns on cash across the cycle, with lower correlation to equity markets. Underlying investments in this pillar are in traded instruments primarily focused on absolute return strategies (including market neutral and macro managers), credit investments, and some real assets and government bonds. We access the majority of these strategies through specialist external managers or co-investments.

This pillar plays an important role in portfolio diversification, reduces volatility and can be a driver of returns in times of market stress.