Absolute Return Strategy

Absolute Return Strategy

Absolute Return Strategy

 
 
Summary

The Global Multi-Asset team Absolute Return Strategy uses a global macro and thematic approach, and invests across equities, fixed income, currencies and commodities. The Strategy seeks to generate a low beta to broad asset classes by taking the majority of risk in uncorrelated, hedged positions. Directional positions are also taken, but on a tactical and opportunistic basis. Rather than individual security selection, the Strategy invests in opportunities at the asset class, country, sector and thematic levels. The research and decision-making process is fundamentally-driven and discretionary, but supported by an extensive quantitative research platform.

<10%
Target volatility1
<0.5x
Target beta to global equities1
 
 
Investment Approach
Philosophy

The Global Multi-Asset team believes that global multi-asset class investing presents opportunities to generate excess return due to structural inefficiencies such as home-country bias and the tendency for a majority of investors to focus on security selection. In addition, regions and countries have independent economic drivers, which often give rise to uncorrelated investment opportunities.  We also believe that investors have a tendency to extrapolate current trends into the future, mistaking cyclical dynamics for structural changes, and vice versa.  We therefore invest around major macro-economic turning points, where we think investors are most likely to misprice assets amid changing dynamics.

 
Differentiators
Thematic Approach to Multi-Asset Class Investing

We apply a global macro and thematic approach to multi-asset investing, focusing on major macroeconomic shifts and structural transformations which may give rise to asymmetric risk/ reward opportunities.

Seeks Low Correlation to Financial Markets

Majority of risk taken in uncorrelated, hedged positions, with directional positions taken on a tactical and opportunistic basis. The Strategy has the flexibility to respond quickly to changing market environments and the potential to perform well in a variety of investment climates.

Disciplined Risk Management

Multiple layers of risk management, including a stop-loss policy which seeks to mitigate downside risk, and independent risk monitoring at the firm level.

 
Investment Process

 

The Global Multi-Asset team offers investors access to an investment approach focusing on opportunities arising from macroeconomic changes and structural transformations that have not yet been discounted in valuations. The team’s investment process seeks to identify attractive risk/reward opportunities based on three primary criteria: valuation, fundamental dynamics, and sentiment. The team believes that these three tools are most powerful when used in combination. The team invests in opportunities at the asset class, country, sector and thematic levels, rather than concentrating on individual security selection.

 

 

This information represents how the investment team generally applies its investment process under normal market conditions. The team implements positions either directly by purchasing securities or through the use of derivatives.

 
 
 
 
 

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