The Managed Portfolio is similar to the Legacy Portfolio in that it is appropriate for those looking for long term growth, and it is a diversified portfolio of global equity and global fixed income. However, unlike the Legacy Portfolio, the use of alternatives is limited to a relatively small allocation to liquid real assets (natural resource equity, commodities, and inflation linked bonds). Within equity, the portfolio contains exposure to both developed and emerging regions, across all capitalization ranges. Within fixed income, allocations exist to both investment grade and below investment grade debt, as well as global sovereign debt. There are no allocations to direct lending, private equity or hedge funds in this portfolio, therefore diversification is not as broad as in the Legacy Portfolio. In terms of implementation of the strategy, the Portfolio is executed via a combination of index funds and active managers, with index funds being utilized in efficient areas of the market while world class active managers have been chosen for less efficient areas.