# Opportunity beyond market direction.

**VARIABLE INCOME** · [https://nwxinvest.com/strategies/variable-income](https://nwxinvest.com/strategies/variable-income)

> Global long-and-short equity and active agricultural-commodity exposure, designed to seek differentiated return sources while risk is actively managed.

## Portfolio role

Liquid, flexible exposure that can express a view in both directions, beside the real-asset core.

## What we examine

Position sizing and exposure limits, liquidity, correlation between sleeves, drawdown behaviour and costs.

## Principal risks

Market risk, short-selling risk, commodity volatility, leverage and derivatives risk and possible loss of principal.