Active risk management – Many active managers oscillate between top-quartile and bottom-quartile results with little consistency and an inability to beat their benchmarks after fees. Delivering repeatable alpha is hard and even more so without active risk management that limits uncompensated risk, proper diversification and combining science and experience in an optimal manner. We believe in “winning by not losing” – i.e., focussing on consistent and repeatable risk management and a transparent investment process that avoids punting and relying on the portfolio managers’ intuition.

Market opportunities – We believe that public markets are on average efficient, and alpha is scarce given that large numbers of participants share almost equal access to information and in a rapid and systematic manner, incorporate information into asset prices. We are therefore very careful in where we apply active risk to ensure a reasonable probability of being rewarded in a consistent manner.

Portfolio construction and asset allocation – Superior security selection is important but not sufficient. Building intelligent portfolios that mitigate uncompensated risk, and superior asset allocation skills, understanding markets, asset classes and risk premia are key to consistent and repeatable performance.

Our investment mindset – We avoid an internal, product focused mindset, and apply our expertise to our client’s needs and requirements. Our client’s come first.