Global Tactical Asset Allocation Strategy

Overview
Investment Approach
Portfolio Managers
Insights

Overview

Strategy Facts

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

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 seeks 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 an extensive quantitative research platform. 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

1.5%

Typical target excess return ¹

2.5-4%

Typical Target tracking error ¹

24yr.

Strategy Track Record

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 mis-price 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.

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.

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

Cyril Moulle-Berteaux

Head of Global Multi-Asset Team

32 years industry experience

Mark Bavoso

Managing Director

40 years industry experience

Sergei Parmenov

Managing Director

27 years industry experience

Insights

Global Multi-Asset Viewpoint

2023 Global Multi-Asset Team Outlook

01-Mar-2023

MSIM's Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: "2023 Global Multi-Asset Team Outlook"

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