Institutional investors manage funds that are entrusted to them under very precise mandates, in order to meet liabilities. Their allocations are divided into “pockets” that correspond to known risk profiles (bonds, equities, emerging markets, alternatives, etc.) Freedom exists for them in the choice of managers, which they are entitled to closely monitor and verify their tracking error against established benchmarks. The “alternative” pocket allows more leeway in the allocation and is essentially driven by “absolute return” concerns. Fund allocators must analyse and understand the risk of managers they hire, whether to track and beat a benchmark or to deliver absolute returns. Style drift may have dramatic consequences on their ability to match liabilities. A thorough up-to-date vision of their risks and expected performance given the economic environment is key to achieve their mandate and ensure that liabilities are properly covered.