There are strong links between risk parity and alternative investments. Indeed, hedge funds managers were pioneers in the use of risk parity techniques. For instance, Bridgewater’s All Weather fund is generally considered the first risk parity fund. Actually, risk parity allowed some hedge funds, such as AQR Capital Management, to be considered as traditional asset managers. These two examples relate to risk parity strategies as a new form of global macro diversified funds. However, the use of risk parity in alternative investments is not restricted to such a strategy. Thus, CTA and equity market neutral hedge funds have used risk budgeting to size their bets for a very long time1.