# Investment Policy

USD\* targets a total return of 10%+ annualized after all fees. A core tenet is that par value stability comes first. Yield maximization should never override principle protection. With the introduction of tranching via USD\*-J, the senior tranche USD\* is protected by a first-loss buffer.

This page provides a simplified overview of how USD\* capital is allocated, the risk limits USD\* operates within, and how new strategies get approved. The full Investment Policy Statement is maintained internally and governs all strategy selection activity.