wrong about the resulting impact on markets, or vice versa. Our approach to managing this risk seeks to systematically adjust the geographic footprint of our portfolio where we anticipate a high degree of geopolitical risk. Overall, we have confidence that our factor-based Total Portfolio Investment Framework, augmented to consider these additional risk dimensions, will continue to serve our contributors and beneficiaries well for many years to come. Key Lessons Establish a prudent and appropriate market risk appetite. Determine the return/risk factors relevant to your program. Map each investment strategy to your risk factor set. Build and rebalance your portfolio based upon optimal factor exposures; not asset classes. Consider adding new factors as the markets evolve. 24