12. During the current COVID-19 pandemic, what type of investment strategy if successfully implemented is likely to minimize portfolio losses for an endowment fund or pension fund that wants to maintain its active exposure to the alpha generated by its portfolio equity managers?

1. Tactical asset overlay strategy.
2. Buying appropriate numbers of put options on the relevant equity indices.
3. Taking appropriate short positions in futures contracts on the relevant equity indices.
4. Both a. and c.
5. All of the above.