Search-for-yield has led to portfolio reallocations across the globe, most notably seen with US pension funds doubling their alternative investments since 2006. Discipline is essential for portfolio construction, but positioning and strategies must adapt as the cycle turns. What are some of the biggest challenges institutional investors are facing today, and what strategies can they adapt to prepare for a downturn? How will their portfolio change, and what positions might turn out to be riskier than anticipated? In the end, how can institutional investors make sure that they meet long-term returns needed to fulfill their mandates?