01We study structural macro themes and build a framework of tailwinds and headwinds to identify investment opportunities. |
02We invest on an unconstrained basis across liquid global equity, fixed income and FX markets with a focus on precise implementation. |
03We allocate capital countercyclically with a focus on cyclical macro dynamics and valuation. Investing up to 100% in “risk” assets and 100% in “defensive” assets, flexibly allocating capital to where we are adequately rewarded. |
General risks. Past performance is not a reliable indicator of future results and performance targets may not be achieved; losses may be made.
Specific risks. Concentrated portfolio: The portfolio invests in a relatively small number of individual holdings. This may mean wider fluctuations in value than more broadly invested portfolios. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.