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.

Introduction to the Strategy

Three-Year Commentary

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.
Bond-Like Characteristics
A core strategy that acts as a complement and counterbalance to equity risk.
Sustainable Investment Research Framework
A sustainable investment research framework developed in-house over 10+ years that seeks to identify securities that can deliver enhanced performance for our clients.⁶

SONIA (Sterling Overnight Index Average) is an index of very short-term unsecured loans between U.K. financial institutions.
SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralised by U.S. Treasury securities.
Return target is gross of fees.
Volatility per annum is the degree of variation of a trading price series over time, usually measured by the standard deviation of returns.
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.
Analysis is conducted for corporates and sovereign issuers, securitized products and other asset classes when relevant information is available; we invest on the basis of risk management and/or opportunity.

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