Portfolio Solutions: Multi-Alternative Strategies
Portfolio Solutions: Multi-Alternative Strategies

Portfolio Solutions: Multi-Alternative Strategies

 
 
 
Summary

Custom portfolios of alternative investments designed to meet an investor’s specific risk, return, liquidity and reporting needs.

 
 
Investment Approach
Philosophy

The team believes that a portfolio construction methodology that can be applied consistently across asset classes is required to successfully combine a heterogeneous group of alternative investment strategies. To implement a custom multi-alternative investment solution, the team relies on its proprietary "return-source" approach to portfolio construction.

The team believes that every asset class or investment strategy can be fully described in terms of three underlying drivers of risk and returns: market risk ("beta"), active risk ("alpha") and illiquidity premia.

Allocating capital across sources of return instead of across asset classes, in the team's view, may result in a more transparent view of overall portfolio risk and enhance portfolio diversification. This, in turn, may increase the likelihood of a client achieving their underlying goals.

 
Differentiators
Client-centric Solutions

Specialists in partnering with investors to understand their needs and craft solutions to help them achieve their overall investment objectives.

Expertise in Constructing Portfolios

Innovative asset allocation methodology designed to address the increasing diversity of investment options.

Open-architecture Manager Selection

Unconstrained approach to sourcing and investing in managers that the team believes have the greatest potential to generate alpha on a persistent basis. 

Strong Track Record

History of achieving our clients’ mandated performance objectives and investment success at both the portfolio level and underlying strategy level.

Ability to Deliver the Best of Morgan Stanley to Every Client

Provision of the full complement of investment, operational and support capabilities of Morgan Stanley1 to each mandate that we manage.

 
 
 
Investment Process
1
Assessment of Client Needs

In-depth discussions with clients to determine their requirements and preferences. This encompasses legacy investments, return targets, risk exposures, liquidity, strategy or geographic concentration, correlations with existing holdings and reporting or tax requirements, among other factors.

2
Strategic Asset Allocation

The strategic asset allocation (SAA) process is tailored to the unique needs of the client and is reviewed with them regularly to adapt to changing circumstances. The team's proprietary return-source methodology is used to isolate specific return drivers—alpha, beta and illiquidity premium—from each investment option and achieve a truly diversified mix of investments designed to perform well in different market environments. 

3
Portfolio Construction

A robust optimization process is used to combine different return sources in a manner consistent with the client's objectives and constraints. Further, a medium-term asset allocation process is used to adjust SAA allocation weights based on the market environment, risk premia and investment outlook. Tactical views on each asset class are formed based on quantitative and qualitative inputs and then implemented based on a disciplined active risk budgeting process.

4
Implementation

An open architecture investment approach is employed in an effort to achieve optimal implementation for each strategy - both in terms of expected performance and cost-efficiency.  Both active and passive investments are used to attain desired exposures.

5
Post-investment Monitoring and Ongoing Support

Both the overall portfolio and all underlying investments are continuously evaluated through qualitative and quantitative measures.  If the performance of an underlying investment deviates from expectations, appropriate action is taken to remediate the effects of the investment on the portfolio. The team engages in continuous dialogue with clients to review investment performance, assess their evolving needs, provide board education and share current market and investment perspectives.

 
 
Investment Professionals  
Managing Director
22 years industry experience
Co-Head and CIO of the Solutions & Multi-Asset Group
21 years industry experience
Managing Director
20 years industry experience
 
 
 
 

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