Solutions & Multi-Asset Global Tactical Asset Allocation Strategy

Global Tactical Asset Allocation Strategy
Solutions & Multi-Asset Global Tactical Asset Allocation Strategy
Global Tactical Asset Allocation Strategy

Global Tactical Asset Allocation Strategy

 
 
Strategy Facts
Capability: Solutions & Multi-Asset
Strategy Inception: April 1995
Benchmark: Customized Multi-Asset Benchmark
Related Product: Customized Separate Account
Summary

The Global Tactical Asset Allocation Strategy is a top-down global macro strategy that is informed by deep bottom-up analysis of fundamental drivers, valuation and technicals to identify and exploit inefficiencies between markets, regions, countries, and sectors. The research and decision-making process is fundamentally-driven and discretionary, but supported by rigorous quantitative analysis facilitated by our proprietary tools and modelling capabilities. The Strategy invests across global asset classes, including stocks, bonds, currencies and commodities.

1.5%
Typical target excess return 1
2.5-4%
Typical Target tracking error 1
24yr.
Strategy Track Record
 
 
Investment Approach
 
Philosophy

The Portfolio Solutions Group believes that growth is unevenly distributed across asset classes, sectors, sub-sectors and regions, creating investment opportunities. Market inefficiencies arise from 1) investor behavioural biases 2) inability of investors to be nimble and 3) policy intervention. In addition, at the individual security level, markets are not frictionless, which often give rise to uncorrelated investment opportunities. We also believe that investors have a tendency to assume relationships across asset classes are static, ignoring the importance of where we are in the cycle. Therefore, we invest around major global macroeconomic turning points and structural shifts, translating those out of consensus views into themes and expressing those themes where we think investors are most likely to under/over appreciate changing dynamics.

 
 
Investment Process

Our process starts with an evaluation of the current macro environment. Here the focus is on evaluating changes in growth and inflation to identify inflection points and out –of-consensus views. From there, we seek to translate the identified view into an investable theme. An investment thesis has value only if it can be efficiently and effectively expressed in portfolios. This step has unique importance in cross-asset portfolios. Our approach seeks to determine the most efficient expression of an idea whether it be at the asset class or sub asset class (sector, factor, region) level through an unconstrained lens. Our approach is multi-faceted and circular with our analysis being continuously monitored and re-evaluated, helping to inform our macro evaluation and the identification of cross-asset themes.

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.

 
 
 
 
 
Portfolio Managers  
Jim Caron
Jim Caron
Chief Investment Officer
33 years industry experience
Mark Bavoso
Mark Bavoso
Managing Director
41 years industry experience
Rui De Figueiredo
Rui de Figueiredo, Ph.D.
Global Head of Investment and Client Solutions and CIO of the Solutions and Multi Asset Group
27 years industry experience
Ryan Meredith
Ryan Meredith
Head of Portfolio Solutions Group
26 years industry experience
Damon Wu
Damon Wu
Portfolio Manager
18 years industry experience
Steven Turner
Steven Turner
Managing Director
17 years industry experience
Victoria Eckstein
Victoria Eckstein
Managing Director, Chief Operating Officer
18 years industry experience
 
 
 
 

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