FOF: Buy For Risk Distribution, Not For Protection

FOF diversifies income generation across equities, leveraged credit, utilities, municipals, and hard assets instead of relying purely on equity appreciation. Diversification here means spreading macro risk drivers, not guaranteeing smaller drawdowns during synchronized market-wide repricing events or stress periods. Forward regimes may create fragmented pressures where certain portfolio sleeves offset weakness elsewhere, improving relative resilience versus concentrated equities.