Investment Process
Approach
We invest in all liquid asset classes on a Global basis. This comprises equities, fixed income, currencies, commodities and real estate but also private and listed equity special situations.
The focus is on investments with a very attractive risk/reward ratio. If an asset class is considered to be overvalued, we reduce and avoid exposure and vice versa.
Our approach is investment style agnostic: There is no value without growth and no growth without value.
Asset Allocation
We are active asset allocators: in the long term, total investment returns are largely determined by actively managing allocations into different asset classes rather than picking individual securities.
The approach is strongly top-down driven at the asset allocation stage but bottom up at the level of individual security selection.
Liquidity is of key importance in every investment decision.
In the long term we seek to achieve out-performance by avoiding large draw-downs and investing at the “right” point of the economic cycle in the respective asset classes.
Risk Management
Our investment process follows a rigorous fundamental approach incorporating a broad range of risk controls at every stage of the process.
We adhere to a rigorous risk management principles, applying stop losses and controlling volatility at the portfolio level.
We actively implement hedging and currency overlays and consider cash an asset class in its own right.
