Income may be subject to the alternative minimum tax ( AMT ) and/or state and local taxes, based on the investor's state of residence. We continue to hold a favorable view of directional and lower volatility hedge funds, which may be helped by the onset of monetary tightening in the U.S. We are also constructive on the distressed and equity long/short segments. Signs of softer economic data, weak inflation and global unrest later caused the Fed to delay "liftoff" and resulted in the greenback giving back some of its previous gains.