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18.109. Management Risk

The Investment Compartment is subject to management risk because it is an actively managed investment portfolio. The Manager and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Investment Compartment, but there can be no guarantee that these will produce the desired results. The Investment Compartment may be subject to a relatively high level of management risk because the Investment Compartment may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds.