LO Funds - Alternative Risk Premia is a rule-based portfolio of long-short strategies launched in August 2014. It invests across multiple asset classes (equities, credit, currencies, commodities, volatility) through liquid derivatives. It seeks to provide uncorrelated sources of returns to traditional asset classes. Selected strategies are designed to be simple, stable and persistent with strong economic and financial rationales. They draw on two complementary sources of return: income and trend. Income tends to deliver a regular yield flow in stable and improving markets while trend premia have the ability to go against the market and aim to reduce exposure to market drawdowns. The team skill lies in using a risk-based framework to combine these sources of returns helping to create a robust portfolio across varying market cycles. Risk management is performed by fund managers at a portfolio level, alongside independent teams who oversee investment, counterparty and operational risks.