The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.

1. WILSHIRE ASSOCIATES
L i q u i d A l t e r n a t i v e s I n d u s t r y M o n i t o r
Q 4 2 0 1 8
A Summary of IndustryTrends and Statistics
©2019 Wilshire Associates. For Use with Financial Advisors Only.

2. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
2
• Equity markets endured a very poor fourth quarter of 2018, posting the worst quarter for U.S. equities since 2011. The downturn was
driven by concerns of an economic slowdown due to the trade war with China as well as fears related to additional rate increases by the
Federal Reserve. The S&P 500 Index was down -13.52% for the quarter and -4.38% for the year, marking the first down year for U.S.
equities since the global financial crisis sell-off of 2008. The Bloomberg Barclays U.S. Aggregate Bond Index faired much better as the
U.S. fixed income index returned 1.64% for the quarter. The Wilshire Liquid Alternatives Index, the HFRI Fund Weighted Composite, and
the HFRX Global Hedge Fund Index returned -3.72%, -5.35%, and -5.56%, respectively.
• The best performing Wilshire Liquid Alternative sub-strategy index during the quarter was the Wilshire Liquid Alternative Relative Value
Index, which ended the fourth quarter down -1.45%.
• The worst performing sub-strategy index during the quarter was the Wilshire Liquid Alternative Equity Hedge Index, which ended the
quarter down -7.44%. The HFRI Equity Hedge Index and the HFRX Equity Hedge Index posted returns of -8.26% and -8.59, respectively.
Losses in the Energy (-25.6%), Industrials (-18.2%) and Information Technology (-17.5%) sectors drove the major downturn in equity
markets.
• All sub-strategies saw net outflows in the fourth quarter. Relative Value funds experienced net outflows of $6.4bn, halting the trend of
inflows in 2018 and bringing year-to-date inflows down to $5.0bn. Event driven funds experienced the smallest outflow, with $0.9bn in
outflows during the quarter. Global Macro experienced the highest level of outflows of $6.8bn during Q4, while Equity Hedge and Multi-
Strategy funds saw meaningful outflows of $5.3bn and $2.3bn, respectively.
• Q4 2018 saw 15 new liquid alternatives fund launches, three reclassifications into the universe, 15 liquidations and one reclassification out
of the universe. Fund count rose by two funds, marking the first upturn in the industry since Q4 2015. The alternatives industry has
experienced net outflows for the third consecutive quarter.
As investors continue to utilize liquid alternatives in their portfolio construction, Wilshire Associates hopes to provide more clarity and
transparency to the broader investment community regarding the evolution and growth of this 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.
Q 4 2 0 1 8 L i q u i d A l t e r n a t i v e s
U.S. Battered as Volatility Increases

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Q4 2018 Overview pgs. 4-12
Index Performance
Quarterly and Yearly Commentary
Universe Overview- 2018 and 2017
Universe Summary- 2018 and 2017
Industry Evolution
Activity Highlights pgs. 13-19
Top 20 Funds- 2018 and 2017
Universe Activity
Capital Flows
Categorization Matrix
Wilshire Liquid Alternatives Index pgs. 20-26
10 Year Returns
10 Year Drawdowns
Index Percentiles
Manager Count
Strategy Weights
Wilshire Manager Coverage Process pgs. 27-29
TABLE OF CONTENTS
W i l s h i r e A s s o c i a t e s

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4
PERFORMANCE ( A S O F 1 2 - 3 1 - 2 0 1 8 )
Q 4 2 0 1 8 L i q u i d A l t e r n a t i v e s
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.
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
Dec. 2018
-1.59% -1.97% -1.93% -9.03% 1.84% -3.97% -1.01% 0.18% -2.06% -0.61%
Nov. 2018
-0.10% -0.30% -0.62% 2.04% 0.60% 0.30% 0.38% -0.66% -0.17% -0.18%
Oct. 2018
-2.07% -3.15% -3.11% -6.84% -0.79% -3.90% -1.02% -2.31% -2.77% -0.67%
Qtr. Return
-3.72% -5.35% -5.56% -13.52% 1.64% -7.44% -1.65% -2.78% -4.93% -1.45%
YTD
-4.25% -4.07% -6.72% -4.38% 0.01% -7.52% 0.26% -5.83% -4.92% -1.80%
1 Yr. Return
-4.25% -4.07% -6.72% -4.38% 0.01% -7.52% 0.26% -5.83% -4.92% -1.80%
3 Yr. Return1 0.96% 3.18% 0.45% 9.26% 2.06% 0.69% 2.17% -1.29% 1.05% 1.95%
5 Yr. Return1 0.18% 2.26% -0.59% 8.49% 2.52% -0.21% 0.26% -0.11% 0.14% 0.83%
10 Yr. Return1 2.28% 4.99% 1.55% 13.12% 3.48% 1.31% 2.73% 0.30% 2.96% 3.96%
Cumulative Return2
12.71% 44.86% -6.73% 127.99% 58.44% 6.50% 30.22% -4.67% 6.16% 34.21%
Standard Deviation1,2
3.89% 5.91% 5.66% 14.68% 3.19% 4.26% 3.23% 4.50% 5.77% 4.75%
1: Annualized, 2: Monthly Returns from Jan. 2007 to Dec. 2018 displayed in US Dollar (USD)

5. 5
©2019 Wilshire Associates. For Use with Financial Advisors Only.
Q4 2018 Performance Highlights
• The Wilshire Liquid Alternative Equity Hedge Index, which includes long/short
equity and market neutral funds, ended December down -3.97% and the fourth
quarter down -7.43%, outperforming the HFRX Equity Hedge Index’s monthly and
quarterly returns of -4.23% and -8.59%, respectively. Long/Short equity managers
detracted from returns in the fourth quarter, as fears of less accommodative
monetary policy and strained trade relations caused volatility to increase
materially. While market neutral strategies were only modestly down, longer-
biased managers detracted in sympathy with the markets. Covered call strategies
detracted as option writing income was not able to absorb the sharply lower
markets. Global multi-factor strategies underperformed as risk-premia
compressed and global equities underperformed U.S markets. In a reversal of
prior trends, value-oriented managers outperformed their growth counterparts as
investor optimism turned to caution. Additionally, technology and energy sector
investments were notable detractors.
• The Wilshire Liquid Alternative Event Driven Index, which includes credit, merger
arbitrage and special situations funds, ended December and the fourth quarter
down -1.01% and -1.65%, respectively, outperforming the -1.18% and -6.53%
monthly and quarterly returns of the HFRX Event Driven Index, respectively.
Credit managers posted negative returns as lower-rated corporate credit,
particularly energy-related exposures, following oil’s precipitous decline and the
broad market’s concern of less accommodative monetary policy. Despite the
significant market volatility, losses were partially alleviated by merger arbitrage
strategies, which were positive as a group as they tend to invest in idiosyncratic
merger announcements.
PERFORMANCE ( A S O F 1 2 - 3 1 - 2 0 1 8 )
Q 4 2 0 1 8 L i q u i d A l t e r n a t i v e s

6. 6
©2019 Wilshire Associates. For Use with Financial Advisors Only.
Q4 2018 Performance Highlights Continued..
• The Wilshire Liquid Alternative Global Macro Index, which includes systematic,
discretionary, commodity, and currency funds, ended the month up 0.18%,
underperforming the 0.76% return of the HFRX Macro/CTA Index. The Index
finished the fourth quarter in negative territory, returning -2.79% and
underperformed the HFRX Macro/CTA Index’s quarterly return of -2.09%.
Discretionary macro strategies were mixed as usual, but generally benefited
from higher volatility, particularly as it relates to interest rate volatility around
Federal Reserve meetings. CTAs dragged the Index down for the quarter, despite
a generally positive December.
• The Wilshire Liquid Alternative Relative Value Index, which includes credit,
convertible arbitrage, and volatility funds, finished the month down -0.61%,
outperforming the -2.02% return of the HFRX Relative Value Arbitrage Index.
The Index returned -1.46% in Q4, outperforming the HFRX counterpart’s Q4
return of -3.68%. Volatility remained elevated for much of the quarter, which
generally benefited volatility arbitrage strategies. Corporate credit sold off to
close out the year, as did structured credit to a lesser extent, which led to small
negative returns for credit RV strategies.
PERFORMANCE ( A S O F 1 2 - 3 1 - 2 0 1 8 )
Q 4 2 0 1 8 L i q u i d A l t e r n a t i v e s

7. 7
©2019 Wilshire Associates. For Use with Financial Advisors Only.
2018 Performance Highlights
• 2018 was a mixed year for liquid alternatives, with the Wilshire Liquid
Alternative Event Driven and the Relative Value indices performing favorably,
offset by softer performance in the other sub-indices. The Wilshire Liquid
Alternative Index (WLAI) declined -4.25% for the year, outperforming the S&P
500 Index on an absolute return basis but underperforming the Barclays U.S.
Aggregate Bond Index. The S&P 500 Index ended the year down -4.38%. The
WLAI underperformed the HFRX Global Hedge Fund Index by 247 basis point
and slightly underperformed the HFRI Fund Weighted Composite by 18 basis
points.
• The year’s worst performing Wilshire Liquid Alternatives sub-strategy index
was the Wilshire Liquid Alternative Equity Hedge Index (WLAEH), which
finished the year down -7.52%. Value-oriented managers struggled for most of
2018 as their strategies were not able to generate positive spreads, or returns,
between their value-oriented long book and growth-oriented shorts. Domestic
managers outperformed global strategies as the MSCI ACWI ex USA declined
over -14% (compared to -4.38% S&P 500). Covered call strategies
outperformed the sub-index for the year as option writing income generally
provided a buffer with the exception of Q4 when equities declined sharply.
Additionally, certain factor-based strategies were notable underperformers
throughout 2018 as several risk premiums compressed.
• The best performing sub-strategy index during 2018 was the Wilshire Liquid
Alternative Event Driven Index, which ended the year up 0.26%. The largest
positive contributors were merger arbitrage strategies, which tend to invest in
idiosyncratic transactions. Credit managers partially detracted from returns as
gains in structured credit assets were offset by declines in leveraged credit
investments such as high yield corporate bonds. The WLAE index
demonstrated significant downside protection in Q4, outperforming the S&P
500 by 1,187 basis points.
PERFORMANCE ( A S O F 1 2 - 3 1 - 2 0 1 8 )
2 0 1 8 L i q u i d A l t e r n a t i v e s

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Source: Morningstar, Universe as defined by Wilshire, 12-31-2015
UNIVERSE OVERVIEW ( A S O F 1 2 - 3 1 - 2 0 1 8 )
Q 4 2 0 1 8 L i q u i d A l t e r n a t i v e s
Liquid Alts Universe Equity Hedge Global Macro Relative Value Event Driven Multi-Strategy
Total number of Liquid Alt Funds 478 195 69 85 36 93
% of universe (# of funds) 100% 41% 14% 18% 8% 19%
Total Assets ($ Millions) $292,921 $69,123 $33,068 $126,737 $15,220 $48,773
% of universe (assets) 100% 24% 11% 43% 5% 17%
Total number of Funds with 3 years 370 140 57 73 29 71
Total 3 year Assets ($Millions) $284,771 $64,525 $32,689 $125,812 $15,129 $46,616
Total number of Funds over $100 million 203 62 30 51 17 43
Funds Launched in the last 12 months 30 11 3 5 3 8
Largest Funds by AUM$
FPA Crescent:
$13.7bn
AQR Managed
Futures Strategy:
$7.1bn
BlackRock Strategic
Income Opps:
$34.0bn
BlackRock Global.
L/S Credit: $3.3bn
Blackstone Alt. Multi-
Strategy: $6.9bn
Gateway:
$8.1bn
Eaton Vance Global
Macro Abs. Rtn:
$4.2bn
JP Morgan Strategic
Income Opps: $12.8bn
Merger Investor:
$2.8bn
Catalyst/Milburn Hedge
Strategy: $4.1bn
Boston Partners
Long/Short Research:
$4.8bn
Eaton Vance Global
Macro Abs Ret
Advantage: $3.2bn
Guggenheim Macro
Opportunities: $7.2bn
Arbitrage R:
$1.7bn
Wells Fargo Absolutre
Return: $4.1bn
Diamond Hill Long-
Short:
$3.6bn
Natixis ASG Managed
Futures Strategy:
$2.1bn
PIMCO All Assets All
Authority: $6.0bn
Carillon Reams
Unconstrained Bond:
$1.2bn
AQR Style Premia
Alternative: $3.3bn
JPMorgan Hedged
Equity R6: $3.4bn
John Hancock Global
Abs. Rtn. Strategy:
$1.9bn
John Hancock Strategic
Income Opportunities I:
$5.7bn
BlackRock Event Driven
Equity Inst: $1.2bn
JP Morgan Global
Allocation: $3.1bn
Source: Morningstar, Universe as defined by Wilshire, 12-31-2018

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Source: Morningstar, Universe as defined by Wilshire, 12-31-2015
UNIVERSE OVERVIEW ( A S O F 1 2 - 3 1 - 2 0 1 7 )
Q 4 2 0 1 7 L i q u i d A l t e r n a t i v e s
Liquid Alts Universe Equity Hedge Global Macro Relative Value Event Driven Multi-Strategy
Total number of Liquid Alt Funds 516 212 82 87 37 98
% of universe (# of funds) 100% 41% 16% 17% 7% 19%
Total Assets ($ Millions) $324,335 $81,782 $51,815 $123,980 $16,838 $49,921
% of universe (assets) 100% 25% 16% 38% 5% 15%
Total number of Funds with 3 years 352 130 64 65 28 65
Total 3 year Assets ($Millions) $304,349 $76,093 $50,485 $120,476 $16,147 $41,182
Total number of Funds over $100 million 226 66 34 59 18 49
Funds Launched in the last 12 months 47 22 3 7 3 12
Largest Funds by AUM$
FPA Crescent:
$17.5bn
AQR Managed
Futures Strategy:
$11.1bn
BlackRock Strategic
Income Opps:
$31.5bn
BlackRock Global.
L/S Credit: $3.9bn
Wells Fargo Abs.
Return: $5.7bn
Gateway:
$8.5bn
Eaton Vance Global
Macro Abs. Rtn:
$5.4bn
JP Morgan Strategic
Income Opps: $12.2bn
Merger Investor:
$2.3bn
Blackstone Alt. Multi-
Strategy: $5.3bn
Boston Partners
Long/Short Research:
$7.0n
John Hancock Global
Abs. Rtn. Strategy:
$4.8bn
PIMCO All Asset
Authority: $8.1bn
Arbitrage R:
$1.9bn
Catalyst/Milburn Hedge
Strategy: $3.8bn
AQR Long-Short Equity:
$5.5bn
AQR Style Premia
Alternative:
$4.7bn
John Hancock Strategic
Income Opps: $8.0bn
Carillon Reams
Unconstrained Bond:
$1.6bn
AQR Multi-Strategy
Alternative: $3.0bn
Diamond Hill Long-
Short: $4.8bn
Eaton Vance Global
Macro Abs Ret
Advantage: $3.9bn
Guggenheim Macro
Opportunities: $6.5bn
Driehaus Active Income:
$1.5bn
Principal Global. Multi-
Strategy: $2.8bn
Source: Morningstar, Universe as defined by Wilshire, 12-31-2017

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10
New Fund Launches and Closures
• 30 new liquid alternative funds were launched during the year
o 11 equity hedge funds
o 8 multi-strategy funds
o 3 global macro funds
o 5 relative value funds
o 3 event driven fund
• 67 funds were liquidated during the year
• 8 funds were reclassified into the universe
• 10 funds were reclassified out of universe
Key Asset Level Changes
(Through Additions, Liquidations, & Organic
Growth/Loss)
• $31.4bn decrease in assets of the LiquidAlternative
Universe during 2018:
o $2.8bn increase in relative value
o $12.7bn decrease in equity hedge
o $1.1bn decrease in multi-strategy
o $18.7bn decrease in global macro
o $1.6bn decrease in event driven
25%
16%
38%
5%
15%
Market Share by Strategy 2017
Equity Hedge
Global Macro
Relative Value
Event Driven
Multi-Strategy
Source: Morningstar, universe as defined by Wilshire, 12-31-2018
UNIVERSE SUMMARY
2 0 1 8 L i q u i d A l t e r n a t i v e s
24%
11%
43%
5%
17%
Market Share by Strategy 2018

11. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
11
25%
12%
41%
5%
17%
Market Share by Strategy Q3 2018
Equity Hedge
Global Macro
Relative Value
Event Driven
Multi-Strategy
New Fund Launches and Closures
• 15 new liquid alternative funds were launched
during the quarter
o 7 equity hedge fund
o 2 event driven fund
o 2 multi-strategy fund
o 2 global macro fund
o 2 relative value fund
• 3 funds were reclassified into the universe
• 1 fund was reclassified out of the universe
• 15 funds were liquidated
Key Asset Level Changes
(Through Additions, Liquidations, & Organic
Growth/Loss)
• $32.4.bn decrease in assets of the Liquid Alternative
Universe
o $11.5bn decrease in equity hedge
o $6.5bn decrease in relative value
o $5.6bn decrease in multi-strategy
o $1.3bn decrease in event driven
o $7.5bn decrease in global macro
Source: Morningstar, universe as defined by Wilshire, 12-31-2018.
UNIVERSE SUMMARY
Q 4 2 0 1 8 L i q u i d A l t e r n a t i v e s
24%
11%
43%
5%
17%
Market Share by Strategy Q4 2018

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12
UNIVERSE FUND COUNT AND AUM
E v o l u t i o n o f t h e I n d u s t r y
Source: Morningstar, universe as defined by Wilshire
Universe Activity Commentary
• The liquid alternative universe saw a muted rise in
fund count during Q4 2018, stopping the trend of
fund count decreases since Q1 2016. 15 new funds
were launched in Q4 and 3 were reclassified into
the liquid alternatives universe. Of the 15 fund
liquidations, 6 were Equity Hedge, 1 was Event
Driven, 3 were Global Macro, and 5 were Multi-
Strategy.
• In terms of AUM, universe assets decreased by
$32.4bn in Q4 2018. New entrants (comprised of
new fund launches and pre-existing funds that were
reclassified as Liquid Alternative during the quarter)
brought in $0.8bn, while liquidations created
outflows of $1.0bn. Net capital outflows totaled
$32.7bn.
0
100
200
300
400
500
600
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
WilshireUniverseTrendsonFundCountandAUM
UniverseAUM($ Millions) Total Number LiquidAltFunds

13. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
Activity Highlights

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Source: Morningstar, Universe as defined by Wilshire, 12-31-2018
ASSETS UNDER MANAGEMENT
U n i v e r s e To p 2 0
Note: Navigator Tactical Fixed Income, PIMCO Dynamic Bond, Diamond Hill Long-Short and JPMorgan Hedged Equity all entered the Top 20 in Q4 2018. Calamos Market Neutral Income, AQR Style Premia
Alternative, Eaton Vance Global Macro Absolute Return Advantage and AQR Long-Short Equity all exited the Top 20 in Q4 2018.
Top 20 by AUM Q4 2018 Q4 2018 AUM Q3 2018 AUM Change
Q4 2018
Ranking
Q3 2018
Ranking
BlackRock Strategic Income Opps Instl Relative Value $34.0bn $36.2bn -$2.2bn 1 1
FPA Crescent Equity Hedge $13.7bn $17.0bn -$3.3bn 2 2
JPMorgan Strategic Income Opports R5 Relative Value $12.8bn $13.1bn -$0.3bn 3 3
Gateway A Equity Hedge $8.1bn $8.9bn -$0.7bn 4 4
Guggenheim Macro Opportunities Instl Relative Value $7.2bn $7.4bn -$0.1bn 5 6
AQR Managed Futures Strategy N Global Macro $7.1bn $8.7bn -$1.7bn 6 5
Blackstone Alternative Multi-Strategy I Multi-Strategy $6.9bn $6.3bn $0.6bn 7 11
PIMCO All Asset All Authority Inst Relative Value $6.0bn $6.8bn -$0.8bn 8 8
JHancock Strategic Income Opps I Relative Value $5.7bn $7.2bn -$1.5bn 9 7
Boston Partners Long/Short Rsrch Instl Equity Hedge $4.8bn $5.9bn -$1.0bn 10 9
T. Rowe Price Dynamic Global Bond Inv Relative Value $4.4bn $4.3bn $0.1bn 11 18
Eaton Vance Glbl Macr Absolute Return I Global Macro $4.2bn $5.1bn -$0.9bn 12 12
Columbia Strategic Income A Relative Value $4.2bn $4.4bn -$0.2bn 13 16
Catalyst/Millburn Hedge Strategy A Multi-Strategy $4.1bn $4.3bn -$0.2bn 14 20
Wells Fargo Absolute Return Admin Multi-Strategy $4.1bn $4.8bn -$0.8bn 15 13
Putnam Diversified Income A Relative Value $3.9bn $4.7bn -$0.8bn 16 14
Navigator Tactical Fixed Income I Relative Value $3.7bn $3.6bn $0.1bn 17 n/a
PIMCO Dynamic Bond Instl Relative Value $3.6bn $3.8bn -$0.2bn 18 n/a
Diamond Hill Long-Short A Equity Hedge $3.6bn $4.1bn -$0.5bn 19 n/a
JPMorgan Hedged Equity R6 Equity Hedge $3.4bn $2.8bn $0.6bn 20 n/a

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Top 20 by AUM Q4 2017 Q4 2017 AUM Q3 2017 AUM Change
Q4 2017
Ranking
Q3 2017
Ranking
BlackRock Strategic Income Opps Relative Value $31.5bn $30.8bn $0.7 1 1
FPA Crescent Equity Hedge $17.5bn $17.4bn $0.1 2 2
JPMorgan Strategic Income Opports Relative Value $12.2bn $12.6bn ($0.4) 3 3
AQR Managed Futures Strategy Global Macro $11.1bn $11.9bn ($0.7) 4 4
Gateway Equity Hedge $8.5bn $8.2bn $0.3 5 5
PIMCO All Asset All Authority Relative Value $8.1bn $8.2bn ($0.1) 6 6
John Hancock Strategic Income Opps Relative Value $8.0bn $7.8bn $0.3 7 7
Boston Partners Long/Short Rsrch Equity Hedge $7.0bn $6.7bn $0.3 8 8
Guggenheim Macro Opportunities Relative Value $6.5bn $6.1bn $0.3 9 11
Wells Fargo Absolute Return Admin Multi-Strategy $5.7bn $5.8bn ($0.1) 10 12
AQR Long-Short Equity Equity Hedge $5.5bn $5.2bn $0.3 11 13
Eaton Vance Glbl Macr Absolute Return Global Macro $5.4bn $6.5bn ($1.0) 12 10
Goldman Sachs Strategic Income Relative Value $5.4bn $6.5bn ($1.1) 13 9
Blackstone Alternative Multi-Strategy Multi-Strategy $5.3bn $5.1bn $0.2 14 14
John Hancock Global Absolute Ret Strategy Global Macro $4.8bn $5.1bn ($0.3) 15 15
Calamos Market Neutral Income Relative Value $4.8bn $4.6bn $0.1 16 17
Diamond Hill Long-Short Equity Hedge $4.8bn $4.8bn ($0.0) 17 16
AQR Style Premia Alternative Global Macro $4.7bn $4.4bn $0.4 18 18
Metropolitan West Unconstrained Bond Relative Value $4.1bn $3.8bn $0.2 19 20
Columbia Strategic Income* Relative Value $4.0bn $3.8bn $0.2 20 n/a
Source: Morningstar, Universe as defined by Wilshire, 12-31-2017
ASSETS UNDER MANAGEMENT
U n i v e r s e To p 2 0
Note: *Columbia Strategic Income became a new entrant into the Top 20. BlackRock Global Long/Short Credit exited the Top 20 in Q4 2017.

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*Change includes net flows and organic growth/loss
Source: Morningstar, Universe as defined by Wilshire, 12-31-2018
LARGEST AUM CHANGES
U n i v e r s e A c t i v i t y
Top 5 Largest Increases in AUM Q4 2018 Q3 2018 Change* Strategy
JPMorgan Hedged Equity R6 $3.4bn $2.8bn $0.6bn Equity Hedge
Blackstone Alternative Multi-Strategy I $6.9bn $6.3bn $0.6bn Multi-Strategy
BlackRock Event Driven Equity Instl $1.2bn $0.8bn $0.3bn Event Driven
Voya Strategic Income Opportunities I $1.0bn $0.7bn $0.3bn Relative Value
Nuveen Equity Market Neutral I $0.6bn $0.3bn $0.3bn Equity Hedge
Top 5 Largest Decreases in AUM Q4 2018 Q3 2018 Change* Strategy
FPA Crescent $13.7bn $17.0bn -$3.3bn Equity Hedge
AQR Long-Short Equity I $2.1bn $4.3bn -$2.3bn Equity Hedge
BlackRock Strategic Income Opps Instl $34.0bn $36.2bn -$2.2bn Relative Value
Boston Partners Long/Short Rsrch Instl $4.8bn $6.7bn -$1.9bn Equity Hedge
AQR Managed Futures Strategy N $7.1bn $8.7bn -$1.7bn Global Macro

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Source: Morningstar, Universe as defined by Wilshire, 12-31-2018
Q4 2018 FUND FLOWS
U n i v e r s e A c t i v i t y
Top 5 Funds by Inflows Net Inflows Strategy
Blackstone Alternative Multi-Strategy I $0.9bn Multi-Strategy
JPMorgan Hedged Equity R6 $0.8bn Equity Hedge
Voya Strategic Income Opportunities I $0.3bn Relative Value
BlackRock Event Driven Equity Instl $0.3bn Event Driven
Goldman Sachs Absolute Ret Trckr Instl $0.3bn Multi-Strategy
Top 5 Funds by Outflows Net Outflows Strategy
BlackRock Strategic Income Opps Instl -$2.0bn Relative Value
AQR Long-Short Equity I -$1.9bn Equity Hedge
JHancock Global Absolute Ret Strats I -$1.4bn Global Macro
Goldman Sachs Strategic Income Instl -$1.4bn Relative Value
FPA Crescent -$1.3bn Equity Hedge

18. 18
©2019 Wilshire Associates. For Use with Financial Advisors Only.
CAPITAL FLOWS
L i q u i d A l t e r n a t i v e s F u n d s
Fund Flows During Q4 2018
There were approximately -$21.8bn in
net outflows from the liquid
alternatives universe:
• $6.4bn net outflows from Relative
Value funds
• $6.8bn net outflows from Global
Macro funds
• $5.3bn net outflows from Equity
Hedge funds
• $2.3bn net outflows from Multi-
Strategy funds
• $0.9bn net outflows from Event
Driven funds
Liquid Alternatives Universe Highlights – Q4 2018
• The liquid alternatives universe saw a third consecutive
quarter of net outflows, with all sub-strategies experiencing
net outflows in the fourth quarter.
• BlackRock Alternative Multi-Strategy saw net inflows of
$0.8bn in Q4, with JPMorgan Hedged Equity,Voya Strategic
Income Opportunities, and BlackRock Event Driven Equity
also seeing inflows of $0.8bn, $0.3bn, and $0.3bn,
respectively.
• BlackRock Strategic Income experienced the largest outflow
of $2.0bn in Q4.AQR Long-Short Equity and John Hancock
GlobalAbsolute Return also experienced net outflows of
$1.9bn and $1.4bn, respectively. Notably, the outflows were
enough to knock AQR out of theTop 20 in the universe.

19. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
19
QUARTERLY CATEGORIZATION MATRIX
( A S O F Q 4 - 2 0 1 8 )
W i l s h i r e L i q u i d A l t e r n a t i v e C a t e g o r i e s
Source: Morningstar, universe as defined by Wilshire
EquityHedge Event Driven Global Macro Multi-Strategy RelativeValue Not LiquidAlt GrandTotal
USFundMultialternative 5 5 23 82 3 1 119
USFundLong-Short Equity 97 1 2 3 103
USFundNontraditional Bond 3 3 3 55 19 83
USFundOptions-based 53 1 5 3 62
USFundMarket Neutral 26 15 7 2 50
USFundManagedFutures 37 1 38
USFundLong-Short Credit 8 9 17
USFundMulticurrency 5 5 10
USFundVolatility 1 2 3
USFundBear Market 3 3 6
USFundLarge Blend 6 6
USFundWorldAllocation 2 2
USFundHighYieldBond 2 1 3
USFundMultisector Bond 2 2
USFundTactical Allocation 1 1 1 3
USFundMid-CapBlend 2 2
USFundMid-CapGrowth 1 1
USFundPreferredStock 1 1 2
USFundSmall Blend 2 2
USFundAllocation--30%to 1 1
USFundAllocation--50%to 1 1
USFundAllocation--70%to 1 1
USFundCommoditiesBroad 1 1
USFundConvertibles
USFundCorporate Bond 1 1
USFundInfrastructure 1 1
USFundReal Estate 1 1
GrandTotal 195 36 69 93 85 43 521
Asof 12-31-2018
WilshireLiquidAlternativeCategories
MorningstarCategories

20. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
Wilshire Liquid Alternatives
IndexSM

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21
WILSHIRE LIQUID ALTERNATIVES INDEXSM
0 1 - 1 - 2 0 0 9 t o 1 2 - 3 1 - 2 0 1 8
1 0 Ye a r R e t u r n s
Past performance is not indicative of future return.
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
Growth of $1000
Wilshire Liquid Alternative Broad-Based Index HFRI Fund Weighted Composite Index HFRXGlobal Hedge Fund Index

22. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
22
WILSHIRE LIQUID ALTERNATIVES INDEXSM
0 1 - 1 - 2 0 0 9 t o 1 2 - 3 1 - 2 0 1 8
1 0 Ye a r D r a w d o w n s
Past performance is not indicative of future return.
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
Drawdown
Wilshire Liquid Alternative Broad-Based Index HFRI Fund Weighted Composite Index HFRXGlobal Hedge Fund Index

23. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
23
BY STRATEGY ( A S O F 1 2 - 3 1 - 2 0 1 8 )
1 Ye a r I n d e x P e r c e n t i l e s
*Note: The peer groups’ beta percentiles are with respect to their sub-strategy indices.
1 Year
Return
1 Year
Std.
Dev.
1 Year
Beta*
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.
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 27.5 16.8 34.1 19.0 39.3
5th 16.7 12.0 18.3 12.9 6.7
25th 11.6 5.6 12.1 6.8 3.9
Median 9.7 3.8 8.0 4.9 2.3
75th 7.5 2.7 5.7 3.7 1.5
95th 4.1 1.9 3.2 2.3 0.8
Low 1.5 1.5 1.3 1.0 0.5
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 12.7 8.0 16.5 12.7 23.6
5th 4.1 6.7 4.1 1.2 3.4
25th -2.0 2.2 -1.7 -2.5 0.9
Median -4.9 -0.6 -4.9 -4.3 -0.4
75th -8.8 -2.3 -7.6 -6.5 -2.5
95th -15.4 -10.5 -12.8 -12.6 -6.1
Low -22.4 -19.8 -19.4 -19.7 -17.0
Percentiles* Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 133.8 6.7 29.1 90.6 28.7
5th 1.9 4.8 2.9 21.7 2.4
25th 1.3 1.5 1.8 1.7 1.2
Median 1.1 1.1 0.9 0.9 0.8
75th 0.7 0.6 0.4 0.6 0.2
95th -0.1 0.3 -0.3 0.1 -0.4
Low -2.4 -0.1 -2.2 -4.3 -19.3
Peer Count 178 30 69 89 87

24. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
24
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.
BY STRATEGY ( A S O F 1 2 - 3 1 - 2 0 1 8 )
3 Ye a r I n d e x P e r c e n t i l e s
*Note: The peer groups’ beta percentiles are with respect to their sub-strategy indices.
3 Year
Return
3 Year
Std.
Dev.
3 Year
Beta
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 21.5 14.7 24.3 13.7 28.1
5th 13.9 12.0 14.3 8.9 7.1
25th 9.7 4.8 9.4 5.8 3.5
Median 7.9 3.4 7.4 4.0 2.9
75th 6.1 2.5 5.3 3.4 2.2
95th 4.2 1.6 3.3 2.6 1.3
Low 1.8 1.6 1.8 1.4 0.8
Percentiles Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 12.8 8.3 10.3 9.6 7.7
5th 8.0 6.9 5.4 6.7 6.1
25th 4.4 4.6 2.3 3.1 4.6
Median 2.4 2.9 0.5 1.7 3.3
75th 0.6 2.0 -1.8 -0.3 2.3
95th -3.7 1.4 -5.4 -3.1 0.2
Low -12.1 1.0 -9.9 -7.2 -28.8
Percentiles* Equity Hedge Event Driven Global Macro Multi-Strat Relative Value
High 2.8 5.1 16.9 57.2 13.2
5th 2.0 4.1 2.7 12.7 2.3
25th 1.4 1.4 1.7 1.5 1.2
Median 1.1 0.8 0.7 0.9 0.9
75th 0.6 0.6 0.3 0.7 0.5
95th 0.0 0.3 0.0 0.2 0.2
Low -2.5 0.0 -1.7 -1.1 -6.3
Peer Count 145 29 62 80 82

25. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
25
Note: Index constituent count is based on Wilshire Associates bi-annual reconstitution.
WILSHIRE LIQUID ALTERNATIVES INDEXSM
C o n s t i t u e n t C o u n t
0
100
200
300
400
500
600
Dec-99
Jun-00
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
NumberofConstituents
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value
81
92
68
33
189

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26
Note: Weightings are based on Wilshire Associates bi-annual reconstitution.
WILSHIRE LIQUID ALTERNATIVES INDEXSM
S u b - S t r a t e g y W e i g h t s
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-99
Jun-00
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Equity Hedge Event Driven Global Macro Multi-Strategy Relative Value
40%
12%
25%
17%
5%

27. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
Wilshire Manager Coverage Process

28. ©2019 Wilshire Associates. For Use with Financial Advisors Only.
28
Research Coverage Model
WilshireAlternativesTeam actively covers
approximately 40 Liquid Alternative
strategies
• Wilshire’s manager coverage
represents over 50% of the industry’s
assets
Coverage is driven by the following
criteria:
• Industry:Top 10 byAUM
• PMTeam:Wilshire Portfolios
• ResearchTeam: Focus Lists
Top 10 by
AUM
Wilshire
Portfolios
Focus Lists
Our Criteria Overlap Provides
Significant Ownership of the
Broader Liquid Alternatives
Universe
MANAGER COVERAGE PROCESS
W i l s h i r e F u n d s M a n a g e m e n t

29. 29
©2019 Wilshire Associates. For Use with Financial Advisors Only.
For additional information
please contact:
Wilshire Funds Management
Email: managedportfolios@wilshire.com
Office: 855.626.8281
WilshireAssociates Incorporated
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401
CONTACT US
W i l s h i r e A s s o c i a t e s

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