Multi-asset strategies are targeted to meet a range of investment objectives which reflect our diverse client base, including pension plans, insurance companies and sovereign entities.
Our portfolios aim to generate smoother return streams by diversifying across markets, asset classes, geographies and investment styles and by managing strict risk budgets.
Our multi-asset range of strategies covers: traditional balanced, risk targeted, flexible and income-oriented portfolios, specialised techniques (style factor) and portfolio protection.
Our multi-asset investment philosophy is based on the belief that:
Markets are inherently inefficient over the short to medium term
Asset prices exhibit excess volatility, relative to fundamentals, often leading to market mispricing
However, markets can be expected to revert to a measure of 'fundamental value' over the long term
We believe active asset allocation based on valuation can exploit this market over-reaction and mean reversion
Asset allocation is the key driver of portfolio return and must be dynamic
Following on from this philosophy, we aim to develop:
Robust valuation metrics to review the long term return potential on all available asset classes, on an on-going basis
An investment strategy that is adjusted accordingly, shifting portfolio allocations toward asset classes with the best prospective risk-adjusted returns
Fulfilment that aims to capture the beta characteristics of the targeted asset classes on a cost efficient basis
To achieve this we:
Use asset valuation tools in a systematic way to project future asset class returns
Construct a dynamic asset allocation policy to exploit shifts in prospective returns across assets
Employ a robust optimisation process, enhanced by considered qualitative judgement, and a disciplined rebalancing of portfolios
Carefully manage portfolio risk as well as return potential
Choose the most efficient instrument for execution from a risk, return and cost perspective
The investment process for our core multi-asset solutions consists of three key stages:
Strategic Asset Allocation (SAA) – setting the portfolio's reference allocation
Tactical Asset Allocation (TAA) – risk aware active positions against the portfolio's SAA, reviewed frequently to ensure portfolio dynamism
Portfolio Construction – implementation of the portfolio's TAA
We leverage the insights of a wide range of global teams: macro economists, equity and fixed income investment teams, research specialists that focus on portfolio design and analytics, and product specialists in London, Paris, Toronto and Hong Kong
Our strategies benefit from years of experience in advising clients on investment guidelines, benchmarks and risk tolerance criteria, together with an extensive knowledge of local regulation and industry trends
The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate.
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Terms and conditions
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Entities which are required to be authorised or regulated to operate in the financial markets. The list below shall be understood as including all authorised entities carrying out the characteristic activities of the entities mentioned: entities authorised by a Member State under a Directive, entities authorised or regulated by a Member State without reference to a Directive, and entities authorised or regulated by a third country:
Other authorised or regulated financial institutions;
Collective investment schemes and management companies of such schemes;
Pension funds and management companies of such funds;
Commodity and commodity derivatives dealers;
Locals: firms which provide investment services and/or perform investment activities consisting exclusively in dealing on own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets or which deal for the accounts of other members of those markets or make prices for them and which are guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such firms is assumed by clearing members of the same markets;
Other institutional investors;
Large undertakings meeting two of the following size requirements on a company basis:
balance sheet total: EUR 20 000 000
net turnover: EUR 40 000 000
own funds: EUR 2 000 000
National and regional governments, including public bodies that manage public debt at national or regional level, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.
Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.
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