INVESTMENT PHILOSOPHY

We believe that dynamic asset allocation informed by comprehensive top-down macro analysis, combined with rigorous bottom-up security selection and a differentiated sustainable investment approach, can deliver attractive risk-adjusted returns through the economic cycle while producing positive environmental and social impact.

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MAIN OBJECTIVES

1. TOTAL RETURN OVER AN ECONOMIC CYCLE

An active and dynamic approach that allocates to liquid global fixed income and foreign exchange asset classes, and re-positions as markets evolve.  

2. BOND-LIKE CHARACTERISTICS

A core strategy that acts as a complement and counterbalance to equity risk.  

3. SUSTAINABILITY

An ESG analysis framework developed in-house over 10+ years that seeks to identify securities that can deliver both investment performance and positive impact.6

 

Read the Strategy Overview

 

INSIGHTS

Sustainable Sovereigns: Integrating ESG Analysis into Government Debt Research

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Global Fixed Income Investing, with Impact

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Income and Impact: Peeling Back the Labels in Labeled Bonds

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Income and Impact: Adding Green Bonds to Investment Portfolios

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Global Cooldown: Tackling Climate Change Through Our Bond Portfolios

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2021 Sustainability Report

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  1. SONIA (Sterling Overnight Index Average) is an index of very short-term unsecured loans between U.K. financial institutions.
  2. SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralised by U.S. Treasury securities.
  3. Return target is gross of fees.
  4. Volatility per annum is the degree of variation of a trading price series over time, usually measured by the standard deviation of returns.
  5. Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
  6. An ESG assessment is conducted for corporate and sovereign issuers and other asset classes when relevant information is available. Also, we invest on the basis of ESG risk management and/or opportunity.

*For the UCITS fund launched on Feb 1st 2022.

The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Ours strategies seek to identify companies that we believe may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, our strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Our strategies may also invest in companies that would otherwise be screened out of other ESG oriented portfolios. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk. Our strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.

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