Identifying a Market Risk Management Strategy

John is a portfolio manager responsible for a diversified investment portfolio. As part of his risk management strategy, he is focused on understanding the exposure of his portfolio to market movements. John is particularly concerned about how changes in overall market conditions could affect the value of his holdings.

To mitigate this market risk, John decides to employ various hedging techniques. He is considering one specific option that allows him to manage his market risk effectively without completely eliminating his exposure to the asset class he is hedging against. What strategy is John likely considering?