The wonks here will have plenty to digest in the linked report. If you were wondering what the managers of TMSRX have been up to in recent months, your curiosity should be satisfied. As for understanding all the verbiage, that may well be beyond the grasp of the mere mortal MF investor. I speak for myself, not the rest of the board. I don’t know squat about shorting market futures, but it does seem that the TRP team has done that. For my part, I was a bit put off by their use of the 3-month T bill index as a bogey for measuring performance. That’s a low bar INMHO. I have reduced my exposure recently.