Global Tactical Asset Allocation Strategy
Global Tactical Asset Allocation Strategy

Global Tactical Asset Allocation Strategy


The Global Tactical Asset Allocation Strategy is a top-down global macro strategy that seeks to identify and exploit inefficiencies between markets, regions, countries, and sectors. The team seeks to capture these mispricings through a fundamentally-driven discretionary approach that is supported by quantitative tools. The Strategy invests across global asset classes, including stocks, bonds, currencies and commodities.

Typical target excess return
Typical Target tracking error
Strategy Track Record
Investment Approach

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.

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.

Long-standing, Disciplined Approach

Fundamentally-driven, discretionary process supported by quantitative tools.  

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.

Portfolio Managers  
Cyril Moulle-Berteaux
Head of Global Multi-Asset Team
29 years industry experience
Mark Bavoso
Managing Director
37 years industry experience
Sergei Parmenov
Managing Director
24 years industry experience