A phrase generally used by advisers and managers to describe investments in underperforming and/or undermanaged assets that hold the expectation of near-term increases in cash flow and value through “turnaround” strategies. These investments typically imply the assumption of more risk in exchange for a higher return. Total return objectives for opportunistic strategies tend to be 18 percent or higher. Opportunistic investments often include development-oriented or repositioning/redevelopment strategies and typically involve a high degree of leverage — 60 percent to 100 percent on an asset basis and 60 percent to 80 percent on a portfolio basis.