Acadian's Diversified Alpha strategy is a global, absolute-return (beta zero), long/short equity strategy. It seeks to exploit both the fundamental mispricings and the mispricing of risk in the cross section of equities through our proprietary multi-factor stock selection process. Specifically, the strategy looks to short fundamentally weak high-beta stocks and buy low-beta stocks with strong fundamental underpinnings within developed markets. Total exposure is not expected to exceed 250% of capital. The strategy may invest directly in equities or indirectly via derivatives.