Wilshire Funds Management Liquid Alternatives Industry Monitor for Q3 2019

©2019 Wilshire Associates. For Financial Advisors Only.
Liquid Alternatives
Industry Monitor
3Q 2019
A Summary of Industry Trends and Statistics from
Wilshire Funds Management

©2019 Wilshire Associates. For Financial Advisors Only. 2
• U.S. equity markets continued their positive performance in Q3 2019, extending their strongest year since 2013. Markets have continued to
be propelled by attractive valuations and buying opportunities due to the selloff in Q4 2018. Equity prices have responded to the actions of
the Federal Reserve, with the possibility of sustained monetary easing remaining. Trade tensions and concerns over global growth continued
to persist, creating a volatile market environment in August 2019 that interrupted an otherwise positive quarter. The S&P 500 Index was up
1.70% for the quarter and 20.55% YTD. The Bloomberg Barclays U.S. Aggregate Bond Index outperformed the S&P Index, posting a return of
2.27% for the third quarter. The Wilshire Liquid Alternatives Index, the HFRI Fund Weighted Composite Index, and the HFRX Global Hedge
Fund Index returned 0.42%, -0.49%, and 1.61%, respectively.
• The best performing Wilshire Liquid Alternative sub-strategy index during the quarter was the Wilshire Liquid Alternative Event Driven Index,
which ended the third quarter up 1.04%.
• The worst performing sub-strategy index during the quarter was the Wilshire Liquid Alternative Relative Value Index, which ended the
quarter up 0.21%. The HFRI Relative Value Index and the HFRX Relative Value Arbitrage Index posted returns of 0.39% and 0.63%,
respectively.
• During the quarter all sub-strategies saw net outflows. Equity hedge funds experienced the highest level of outflows of $2.7bn, while global
macro, multi-strategy, relative value and event driven funds saw outflows of $2.1bn, $1.2bn, $0.9bn and $0.6bn, respectively. The liquid
alternatives industry has experienced net outflows for six consecutive quarters.
• Q3 2019 saw seven new liquid alternatives fund launches, six reclassifications into the universe, 14 liquidations, five acquisitions, and four
reclassifications out of the universe. Fund count fell by 10 funds.
As investors continue to utilize liquid alternatives in their portfolio construction, Wilshire Associates strives to provide more clarity and
transparency to the broader investment community regarding the evolution and growth of this segment of the industry. Our quarterly and annual
presentations will help provide key highlights and insights into the asset changes and capital flows of this space. The ultimate goal of this piece is
to help deliver to investors the meaningful information necessary to stay updated on key industry activities, major players, and also to provide
investors with Wilshire’s thought framework in understanding and measuring the relative performance of these various strategies to their peer
groups.
Q3 2019 LIQUID ALTERNATIVES INDUSTRY MONITOR
U.S. Equities Rebound as Fed Pivots

Table of Contents
Q3 2019 Overview pgs. 4-9
Index Performance
Quarterly Commentary
Universe Overview
Universe Summary
Industry Evolution
Activity Highlights pgs. 10-15
Top 20 Funds
Universe Activity
Capital Flows
Categorization Matrix
Wilshire Liquid Alternatives IndexSM pgs. 16-22
10 Year Returns
10 Year Drawdowns
Index Percentiles
Manager Count
Strategy Weights
Wilshire Manager Coverage Process pgs. 23-24

Performance as of 9/30/2019
All returns over one year are annualized unless otherwise noted.
Index returns shown do not represent the results of the actual trading of investable assets. Historical returns are not indicative of future results. It is not possible to invest directly in an index.
Source: HFR, Bloomberg
WILSHIRE
LIQUID
ALTERNATIVE
INDEXSM
HFRI FUND
WEIGHTED
COMPOSITE
INDEX
HFRX GLOBAL
HEDGE FUND
INDEX
S&P 500 INDEX
BLOOMBERG
BARCLAYS U.S.
AGGREGATE
BOND INDEX
WILSHIRE LIQUID
ALTERNATIVE
EQUITY HEDGE
INDEX SM
WILSHIRE LIQUID
ALTERNATIVE
EVENT DRIVEN
INDEX
WILSHIRE LIQUID
ALTERNATIVE
GLOBAL MACRO
INDEXSM
WILSHIRE LIQUID
ALTERNATIVE
MULTI-STRATEGY
INDEXSM
WILSHIRE LIQUID
ALTERNATIVE
RELATIVE VALUE
INDEXSM
Sept. 2019 0.14% -0.14% 0.45% 1.87% -0.53% 0.86% 0.20% -1.54% 0.37% 0.02%
Aug. 2019 -0.27% -0.71% 0.38% -1.58% 2.59% -1.12% 0.27% 1.03% -0.63% -0.01%
Jul. 2019 0.55% 0.45% 0.77% 1.44% 0.22% 0.85% 0.58% 1.47% 0.37% 0.20%
Qtr. Return 0.42% -0.39% 1.61% 1.70% 2.27% 0.58% 1.05% 0.94% 0.11% 0.21%
YTD 5.02% 6.81% 5.90% 20.55% 8.52% 6.34% 4.77% 4.83% 5.05% 4.31%
1 Yr. Return 1.11% 0.40% 0.01% 4.25% 10.30% -1.57% 3.04% 1.92% -0.13% 2.79%
3 Yr. Return 1.83% 3.78% 1.93% 13.39% 2.92% 2.46% 2.82% 0.11% 2.21% 1.91%
5 Yr. Return 0.84% 2.90% 0.32% 10.84% 3.38% 0.89% 1.08% 0.07% 0.86% 1.24%
10 Yr. Return 1.92% 3.97% 1.07% 13.24% 3.75% 1.51% 2.03% 0.47% 2.05% 2.95%
Cumulative Return 20.90% 47.56% 11.24% 246.74% 44.48% 16.18% 22.28% 4.85% 22.55% 33.74%
Standard Deviation 2.85% 4.80% 3.99% 12.55% 2.95% 4.22% 2.56% 4.20% 3.74% 2.78%

Performance
Q3 2019 Performance Highlights
• The Wilshire Liquid Alternative Equity Hedge IndexSM returned 0.86% and 0.58% in September and the
third quarter, respectively. The Index underperformed the HFRX Equity Hedge Index’s monthly and
quarterly returns of 0.88% and 1.79%, respectively. Long short equity managers made most of their gains
in the first and last months of the quarter as geopolitical and macroeconomic factors drove risk-on/risk-
off behavior, negatively impacting fundamental strategies. U.S.-focused strategies outperformed their
global peers, and factor-based strategies posted mixed performance as certain factors experienced
elevated volatility. Growth-oriented managers underperformed their value-oriented peers, largely a
function of significant losses in September.
• The Wilshire Liquid Alternative Event Driven IndexSM returned 0.20% and 1.04% in September and the
third quarter, respectively. The Index underperformed the HFRX Event Driven Index’s monthly and
quarterly returns of 1.06% and 1.74%, respectively. Event driven managers generally benefitted from long
exposure to both equity and leveraged credit markets, while merger arbitrage strategies had a relatively
quiet but positive quarter. Corporate activity has remained robust relative to prior years, but announced
and definitive deal volumes declined precipitously at quarter end.

Performance
Q3 2019 Performance Highlights
• The Wilshire Liquid Alternative Global Macro IndexSM returned -1.54% in September and 0.93% for the
third quarter, underperforming the -1.08% monthly and 2.42% quarterly returns of the HFRX Macro/CTA
Index. CTAs posted a positive quarter, with gains concentrated in August and driven by the fall in yields
and continued trends in fixed income, the U.S. dollar, and energy commodities. These gains were
moderated by numerous reversals in these markets at the beginning of September. Discretionary macro
and volatility-focused managers experienced mixed results during the quarter, with outperforming
strategies generating their returns in August from elevated risk asset volatility and long fixed income and
USD exposures.
• The Wilshire Liquid Alternative Relative Value IndexSM returned 0.02% in September, trailing the 0.31%
return of the HFRX Relative Value Arbitrage Index. The Index returned 0.21% for the third quarter,
underperforming the HFRX Relative Value Arbitrage Index’s quarterly return of 0.63%. Relative value
credit managers were positive overall, but results varied to the extent managers focused on sovereign
versus investment grade versus high yield. Dispersion was particularly high in August given the
pronounced drop in yields, with a handful of managers implementing tactical short duration views and
occasional emerging markets exposure.

Universe Overview (as of 9-30-19)
LIQUID ALTS
UNIVERSE
EQUITY HEDGE
GLOBAL
MACRO
RELATIVE
VALUE
EVENT DRIVEN
MULTI-
STRATEGY
Total number of liquid alternative funds 450 184 63 89 32 82
% of universe (# of funds) 100% 41% 14% 20% 7% 18%
Total assets ($millions) $ 321,370 $ 62,694 $ 27,395 $ 167,222 $ 16,005 $ 48,054
% of universe (assets) 100% 20% 9% 52% 5% 15%
Total number of funds with 3 years 357 145 55 73 25 59
Total 3 year assets ($millions) $ 314,659 $ 59,933 $ 27,076 $ 166,421 $ 15,934 $ 45,296
Total number of funds over $100 million 203 58 31 58 17 39
Funds launched in the last 12 months 35 13 4 8 3 7
Largest Funds by AUM$
FPA Crescent:
$13.8bn
AQR Managed
Futures Strategy:
$4.9bn
BlackRock
Strategic Income
Opps: $33.3bn
BlackRock Event
Driven Equity
Inst: $3.3bn
Blackstone Alt.
Multi-Strategy:
$8.0bn
Gateway:
$8.0bn
Eaton Vance Global
Macro Abs. Rtn:
$3.6bn
Templeton Global
Bond: $30.0bn
Merger Investor:
$3.1bn
Catalyst/Milburn
Hedge Strategy:
$5.0bn
JPMorgan Hedged
Equity R6:
$5.8bn
Eaton Vance Global
Macro Abs Ret
Advantage: $3.1bn
JP Morgan Strategic
Income Opps:
$12.5bn
BlackRock Global
L/S Credit: $2.4bn
JP Morgan Global
Allocation: $3.6bn
Diamond Hill Long-
Short:
$3.5bn
Natixis ASG
Managed Futures
Strategy:
$1.8bn
Calamos Market
Neutral Income A:
$8.5bn
Arbitrage R:
$1.7bn
Wells Fargo
Absolutre Return:
$3.4bn
Boston Partners
Long/Short
Research: $3.2bn
American Beacon
AHL Managed
Futures
$1.1bn
Guggenheim Macro
Opportunities:
$6.3bn
Carillon Reams
Unconstrained
Bond: $1.0bn
Goldman Sachs
Absolute Ret Trckr
Instl. : $3.1bn

Universe Summary
New Fund Launches and Closures
• 7 new liquid alternative funds were launched during the quarter
o 3 equity hedge funds
o 3 relative value funds
o 1 global macro
• 6 funds were reclassified into the universe
• 5 funds were acquired
• 14 funds were liquidated
• 4 funds were reclassified out of the universe
Key Asset Level Changes
(Through Additions, Liquidations, & Organic Growth/Loss)
• $28.6bn increase in assets of the Liquid Alternative Universe
o $4.1bn decrease in equity hedge
o $2.5bn decrease in multi-strategy
o $2.1bn decrease in global macro
o $0.5bn decrease in event driven
o $37.8bn increase in relative value
20%
9%
52%
5%
15%
MARKET SHARE BY STRATEGY Q3 2019
Source: Morningstar, universe as defined by Wilshire, 09-30-2019.
23%
10%
44%
6%
17%
MARKET SHARE BY STRATEGY Q2 2019
Equity Hedge
Global Macro
Relative Value
Event Driven
Multi-Strategy

Universe Activity Commentary
The liquid alternative universe saw a decrease in
fund count during Q3 2019, continuing the trend
we saw in Q2 & Q1 of 2019. Seven new funds
were launched in Q3 and six were reclassified
into the liquid alternatives universe. Of the 14
fund liquidations, five were equity hedge, two
were global macro, three were relative value,
and four were multi-strategy. Of the five
acquired funds, three were equity hedge and
two were multi-strategy. Of the four
reclassifications out of the universe, two were
equity hedge, one was relative value and one
was global macro.
Liquid alternative universe assets increased by
$28.6bn in Q3 2019. New entrants (comprised of
new fund launches and pre-existing funds that
were reclassified as liquid alternative during the
quarter) brought in $37.9bn1, while liquidations,
acquisitions, and reclassifications out of the
universe created outflows of $1.7bn. Net capital
outflows from the universe totaled $7.5bn.
Performance losses decreased AUM by $0.1bn.
Universe Fund Count and AUM
Source: Morningstar, universe as defined by Wilshire
1 The funds that were reclassified into are as follows: Templeton Global Bond A ($30.9b), Templeton Global Total Return Adv. ($5.3b), Stone Ridge Hi Yld. Reinsurance Risk PrmI ($0.9b), and
Templeton International Bond Adv. ($0.4bthe Liquid Alternatives Universe)
0
100
200
300
400
500
600
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
WILSHIRE UNIVERSE TRENDS ON FUND COUNT AND AUM
Universe AUM ($ Millions) Total Number Liquid Alt Funds

Activity Highlights

Universe Top 20 –
Assets Under Management
Source: Morningstar, Universe as defined by Wilshire, 09-30-2019
TOP 20 BY AUM Q3 2019
Q3 2019 AUM Q2 2019 AUM CHANGE
Q3 2019
RANKING
Q2 2019
RANKING
BlackRock Strategic Income Opps Instl Relative Value $33.3bn $33.3bn $0.0bn 1 1
Templeton Global Bond A Relative Value $30.0bn $32.9bn -$2.9bn 2 n/a
FPA Crescent Equity Hedge $13.8bn $14.4bn -$0.6bn 3 2
JPMorgan Strategic Income Opports R5 Relative Value $12.5bn $12.7bn -$0.1bn 4 3
Calamos Market Neutral Income A Relative Value $8.5bn $7.9bn $0.6bn 5 6
Blackstone Alternative Multi-Strategy I Multi-Strategy $8.0bn $8.0bn $0.0bn 6 5
Gateway A Equity Hedge $8.0bn $8.1bn -$0.1bn 7 4
Guggenheim Macro Opportunities Instl Relative Value $6.3bn $6.8bn -$0.5bn 8 7
JPMorgan Hedged Equity R6 Equity Hedge $5.8bn $5.0bn $0.8bn 9 11
Templeton Global Total Return Adv Relative Value $5.4bn $5.5bn -$0.1bn 10 n/a
JHancock Strategic Income Opps I Relative Value $5.4bn $5.6bn -$0.2bn 11 8
Columbia Strategic Income A Relative Value $5.1bn $4.8bn $0.3bn 12 13
Catalyst/Millburn Hedge Strategy A Multi-Strategy $5.0bn $4.9bn $0.1bn 13 12
PIMCO All Asset All Authority Inst Relative Value $5.0bn $5.3bn -$0.3bn 14 10
AQR Managed Futures Strategy N Global Macro $4.9bn $5.6bn -$0.7bn 15 9
Navigator Tactical Fixed Income I Relative Value $4.8bn $4.5bn $0.3bn 16 14
T. Rowe Price Dynamic Global Bond Inv Relative Value $4.3bn $4.3bn $0.1bn 17 15
Putnam Diversified Income A Relative Value $4.3bn $4.2bn $0.1bn 18 16
PIMCO Dynamic Bond Instl Relative Value $3.9bn $4.2bn -$0.3bn 19 17
JPMorgan Global Allocation A Multi-Strategy $3.6bn $3.6bn $0.0bn 20 n/a

Universe Activity – Largest AUM Changes
*Change includes net flows and organic growth/loss
TOP 5 LARGEST INCREASES IN AUM
Q3 2019 Q2 2019 CHANGE* STRATEGY
JPMorgan Hedged Equity R6 $5.8bn $5.0bn $0.8bn Equity Hedge
BlackRock Event Driven Equity Instl $3.3bn $2.6bn $0.7bn Event Driven
Calamos Market Neutral Income A $8.5bn $7.9bn $0.6bn Relative Value
Voya Strategic Income Opportunities I $2.5bn $1.9bn $0.6bn Relative Value
Navigator Tactical Fixed Income I $4.8bn $4.5bn $0.3bn Relative Value
TOP 5 LARGEST DECREASES IN AUM
Q3 2019 Q2 2019 CHANGE* STRATEGY
Templeton Global Bond A $30.0bn $32.9bn -$2.9bn Relative Value
BlackRock Global Long/Short Credit Instl $2.4bn $3.1bn -$0.7bn Event Driven
Principal Global Multi-Strategy Instl $1.2bn $1.9bn -$0.7bn Multi-Strategy
AQR Managed Futures Strategy N $4.9bn $5.6bn -$0.7bn Global Macro
FPA Crescent $13.8bn $14.4bn -$0.6bn Equity Hedge

Universe Activity – 3Q 2019 Fund Flows
TOP 5 FUNDS BY INFLOWS
NET INFLOWS STRATEGY
JPMorgan Hedged Equity R6 $0.8bn Equity Hedge
BlackRock Event Driven Equity Instl $0.6bn Event Driven
Voya Strategic Income Opportunities I $0.6bn Relative Value
Calamos Market Neutral Income A $0.5bn Relative Value
Navigator Tactical Fixed Income I $0.3bn Relative Value
TOP 5 FUNDS BY OUTFLOWS
NET OUTFLOWS STRATEGY
Templeton Global Bond A -$1.7bn Relative Value
AQR Managed Futures Strategy N -$0.8bn Global Macro
BlackRock Global Long/Short Credit Instl -$0.8bn Event Driven
Principal Global Multi-Strategy Instl -$0.7bn Multi-Strategy
Boston Partners Long/Short Rsrch Instl -$0.6bn Equity Hedge

©2019 Wilshire Associates. For Financial Advisors Only. 14©2019 Wilshire Associates. For Financial Advisors Only.
Fund Flows During Q3 2019
There were approximately $7.5bn
in net outflows from the liquid
alternatives universe:
• $0.9bn net outflows from
relative value funds
global macro funds
equity hedge funds
multi-strategy funds
• $0.6bn net outflows to
event driven funds
• The liquid alternatives universe saw a sixth
consecutive quarter of net outflows, with all sub-
strategies experiencing net outflows in Q3.
• JPMorgan Hedged Equity saw net inflows of
$0.8bn in Q3, with BlackRock Event Driven Equity,
Voya Strategic Income Opportunities, Calamos
Market Neutral Income, and Navigator Tactical
Fixed Income also seeing inflows of $0.6bn,
$0.6bn, $0.5bn and $0.3bn, respectively.
• Templeton Global Bond experienced the largest
outflow of $1.7bn in Q3. AQR Managed Futures
Strategy, BlackRock Global Long/Short Credit,
Principal Global Multi-Strategy, and Boston
Partners Long/Short Research also experienced
net outflows of $0.8bn, $0.8bn, $0.7bn and
$0.6bn, respectively.
LIQUID ALTERNATIVES FUNDS
Capital Flows

Quarterly Categorization Matrix (as of 9/30/19)
Source: Morningstar, Universe as defined by Wilshire, 9/30/2019
WILSHIRE LIQUID ALTERNATIVE CATEGORIES
EQUITY HEDGE EVENT DRIVEN GLOBAL MACRO MULTI-STRATEGY RELATIVE VALUE NOT LIQUID ALT GRAND TOTAL
MORNINGSTARCATEGORIES
US Fund Multialternative 2 6 21 72 3 104
US Fund Long-Short Equity 89 2 2 3 96
US Fund Nontraditional Bond 1 3 3 2 60 17 86
US Fund Commodities Broad 1 1
US Fund Infrastructure 1 1
US Fund Options-based 53 3 3 59
US Fund Market Neutral 25 12 7 2 46
US Fund Managed Futures 35 1 36
US Fund Long-Short Credit 6 8 14
US Fund Multicurrency 3 1 4 8
US Fund Volatility 2 2 4
US Fund Bear Market 3 3 6
US Fund Large Blend 6 6
US Fund Large Growth 1 1
US Fund World Allocation 2 2
US Fund High Yield Bond 1 1 2
US Fund Multisector Bond 2 2
US Fund Short-Term Bond 1 1
US Fund Tactical Allocation 1 1 1 3
US Fund Mid-Cap Blend 2 2
US Fund Mid-Cap Growth
US Fund Preferred Stock 1 1 2
US Fund Small Blend 2 2
US Fund Alloc.--15% to 30% Eq. 1 1
US Fund Corporate Bond
US Fund Real Estate 1 1
Total 184 32 63 82 89 39 489

Wilshire Liquid Alternatives IndexSM

10 Year Returns
Wilshire Liquid Alternatives Index SM
Past performance is not indicative of future return.
$975
$1,075
$1,175
$1,275
$1,375
$1,475
$1,575
GROWTH OF $1000 10/31/2009 – 9/30/2019
Wilshire Liquid Alternative Broad-Based Index HFRI Fund Weighted Composite Index HFRX Global Hedge Fund Index

10 Year Drawdowns
Wilshire Liquid Alternatives Index SM
Past performance is not indicative of future return.
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
Drawdown 10/31/2009 – 9/30/2019
Wilshire Liquid Alternative Broad-Based Index HFRI Fund Weighted Composite Index HFRX Global Hedge Fund Index

One Year Index Percentiles by Strategy
(as of 9-30-19)
*Note: The peer groups’ beta percentiles are with respect to their sub-strategy indices
Source: Morningstar, 09-30-2019
1 Year
Return
PERCENTILES EQUITY HEDGE EVENT DRIVEN GLOBAL MACRO MULTI-STRAT RELATIVE VALUE
High 21.5 7.7 18.4 10.3 14.4
5th 8.3 7.4 14.4 8.9 10.8
25th 1.8 5.9 6.6 3.5 6.3
Median -1.2 4.0 3.1 1.6 4.3
75th -4.4 1.2 -1.2 -0.3 2.5
95th -11.3 -13.9 -10.1 -8.4 -1.9
Low -21.7 -25.8 -20.7 -13.4 -12.1
1 Year
Std. Dev.
High 31.9 18.4 26.9 27.2 50.5
5th 19.6 15.0 18.6 15.5 6.7
25th 14.3 6.0 11.6 7.3 4.3
Median 11.3 3.4 9.5 5.7 3.1
75th 8.1 2.5 5.9 4.5 2.1
95th 4.4 1.9 3.0 2.8 1.2
Low 1.3 1.5 2.5 1.8 0.9
1 Year
Beta*
High 3.4 1.8 50.5 99.6 32.6
5th 2.1 1.4 4.5 10.1 4.7
25th 1.5 0.6 2.2 1.4 1.4
Median 1.1 0.3 1.2 0.9 0.9
75th 0.5 0.2 0.3 0.6 0.5
95th -0.2 0.0 -0.3 -1.3 -0.3
Low -27.6 0.0 -31.6 -12.6 -17.3
Peer Count 166 30 62 79 85

Three Year Index Percentiles by Strategy
(as of 9-30-19)
*Note: The peer groups’ beta percentiles are with respect to their sub-strategy indices.
Source: Morningstar, 09-30-2019
3 Year
Return
High 14.8 6.9 12.5 12.3 9.1
5th 11.4 6.8 7.3 7.1 6.8
25th 7.1 6.0 2.8 5.0 4.5
Median 4.1 3.0 1.7 2.7 3.6
75th 1.9 2.4 -0.1 1.0 2.6
95th -3.2 1.2 -2.1 -2.6 -0.1
Low -14.0 0.0 -7.5 -6.8 -33.5
3 Year
Std. Dev.
High 22.5 15.5 26.0 17.3 34.1
5th 13.7 13.6 15.5 10.3 6.5
25th 10.3 4.4 9.9 5.9 3.2
Median 8.4 3.2 8.1 4.2 2.4
75th 6.9 2.4 5.4 3.4 1.7
95th 4.3 1.8 3.9 2.9 1.1
Low 1.4 1.6 2.2 2.6 0.8
3 Year
Beta*
High 2.9 1.8 46.8 38.3 9.4
5th 1.9 1.6 4.1 3.3 2.7
25th 1.4 0.5 1.8 1.4 1.2
Median 1.1 0.3 1.0 0.8 0.8
75th 0.6 0.1 0.4 0.7 0.5
95th -0.1 0.0 -0.2 -0.1 0.0
Low -2.5 0.0 -1.6 -6.2 -12.9
Peer Count 150 26 59 68 82

Constituent Count
Note: Index constituent count is based on Wilshire Associates bi-annual reconstitution.
Source: Wilshire Associates, 09-30-2019
0
100
200
300
400
500
600
Dec-99
May-00
Oct-00
Mar-01
Aug-01
Jan-02
Jun-02
Nov-02
Apr-03
Sep-03
Feb-04
Jul-04
Dec-04
May-05
Oct-05
Mar-06
Aug-06
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-09
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-14
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Jan-17
Jun-17
Nov-17
Apr-18
Sep-18
Feb-19
Jul-19
NumberofConstituents
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value

Sub-Strategy Weights
Note: Weightings are based on Wilshire Associates bi-annual reconstitution.
Source: Wilshire Associates, 09-30-2019
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-99
May-00
Oct-00
Mar-01
Aug-01
Jan-02
Jun-02
Nov-02
Apr-03
Sep-03
Feb-04
Jul-04
Dec-04
May-05
Oct-05
Mar-06
Aug-06
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-09
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-14
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Jan-17
Jun-17
Nov-17
Apr-18
Sep-18
Feb-19
Jul-19
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value

Wilshire Manager Coverage Process

Manager Coverage Process
Wilshire’s Research Coverage Model
Wilshire’s Alternatives team actively covers
approximately 30 liquid alternative strategies
• Wilshire’s manager coverage represents 40%
of industry assets
Coverage is driven by the following criteria:
• Industry: Top 10 by AUM
• PM Team: Wilshire portfolios
• Research Team: focus lists
TOP 10
BY AUM
WILSHIRE
PORTFOLIOS
FOCUS
LISTS
Our criteria overlap provides significant ownership of
the broader liquid alternatives universe

For additional information
please contact:
Email: managedportfolios@wilshire.com
Office: 855.626.8281
Wilshire Associates Incorporated
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401
Contact Us

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Wilshire Funds Management Liquid Alternatives Industry Monitor for Q3 2019

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