Illumination invests in a broad range of structured credit investments and related trading strategies, including Non-Agency RMBS, Agency RMBS, CMBS, CDOs and related investments. Illumination seeks to buy intrinsic cash flows at attractive yields with limited leverage and downside protection, complimented by a trading strategy that seeks to capitalize on pricing anomalies created by market inefficiencies. Illumination invests across capital structure and credit quality spectrum, using proprietary models to project cash flows and determine fair value based off of minimum IRR hurdles. Illumination hedges certain interest rate and beta risks and seeks to capture excess yield of highly diversified RMBS portfolios with limited beta exposure.