This paper embarks on a comprehensive exploration of the application of derivatives in asset management, addressing a notable gap in the literature that often skims over real-world applications and the challenges of implementing derivative strategies. Through a collection of detailed illustrations/mini-cases prepared by practitioners, the practical intricacies, challenges, and issues encountered by asset managers when integrating derivatives into their strategies are described. Each case is contributed by seasoned asset managers, offering a blend of theoretical knowledge and practical expertise. The series begins with an examination of asset allocation decisions—a critical determinant of performance—showcasing how futures can be utilized in a top-down strategy by Scott Hixon of Invesco. Robert Harlow from T. Rowe Price demonstrates hedging techniques using stock index futures and put options, while Vineer Bhansali of LongTail Alpha LLC addresses tail risk hedging with options. Shaojun Zhang presents liquidity management strategies for active equity fund managers using index futures, and the team from Allspring Global Investments explains cash equitization with futures. Foreign currency derivatives for managing currency risk in equity portfolios by the team of Redouane Elkamhi, Jacky S.H. Lee, and Marco Salerno, and U.S. Treasury futures for adjusting bond portfolio interest rate risk by Adam Kobor. Alexander Rudin from State Street Global Advisors elaborates on developing effective hedging strategies, from simple equity portfolio cases to complex scenarios like high-yield bond portfolios and cross-border equity portfolios, highlighting when it might be beneficial to avoid hedging. In the final application, Alexander Rudin, Rahul Sathyajit, and Shubham Upadhyay illustrate the speculative use of derivatives in a commodities portfolio, offering insights into proprietary trading strategies. This paper is the first in a series aimed at uncovering the nuanced applications of derivatives in asset management, providing a rich resource for both practitioners and scholars interested in the practical aspects of derivative utilization in investment strategies.