Global Macro Allocation Strategy​

A dynamically managed multi-asset strategy aiming to compound attractive returns over the long term.

Strategy overview

Global Macro Allocation is a highly flexible, unconstrained multi-asset strategy. It uses a thematic macro approach, precise implementation of ideas and investment flexibility with the aim of compounding attractive returns for investors through time.
Key features
  • Global multi-asset opportunity set unconstrained by geography and asset class
  • We study structural macro themes to identify investment opportunities
  • We buy assets with macro tailwinds and avoid or short those with headwinds
  • We allocate to ideas counter cyclically and use precise implementation
  • ESG considerations embedded within the investment process
We seek to deliver returns through active security selection and asset allocation across the global universe of equity, fixed income and currency markets. Our strategy is dynamic and diversified.​
Iain Cunningham
Jimmy Elliot

Investment Approach


We study structural macro themes and build a framework of tailwinds and headwinds to identify investment opportunities.


We invest on an unconstrained basis across liquid global equity, fixed income and FX markets with a focus on precise implementation.


We 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.


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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.

Important information
This communication is provided for general information only should not be construed as advice.

All the information in is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessary reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

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