Investment proposition and philosophy
Optimising real returns through disciplined risk management
Our investment philosophy is focused on delivering sustainable real returns over the long term while protecting capital through market cycles. We do this by combining disciplined valuation, diversified sources of return, and a clearly defined risk framework.
Our primary objective is to maximise risk‑adjusted returns by investing where we believe assets are mispriced, while carefully managing the risk of permanent capital loss. This approach is applied at both the asset class level in our actively managed funds and at the asset allocation level in our multi‑asset portfolios. Returns, in our view, are generated through the correct combination of strategic positioning and active decision‑making. We value each asset class independently to identify opportunities within asset classes and relative value across asset classes, allowing us to allocate capital where expected returns appropriately compensate for risk.
Our investment decisions are made through a team‑based process that encourages debate and challenge, while ensuring clear accountability to the portfolio managers responsible for managing client capital. A systematic, fundamentally driven framework helps us remain disciplined and reduces the risk of behavioural bias.
Top-down and Bottom-up Investment Approach
We believe asset prices are influenced by both macroeconomic forces and bottom‑up fundamentals
Our investment approach is built on the below principles:
Macro
Macro factors are important inputs in the asset allocation and valuation process. We use a wide range of economic and market data alongside an array of proprietary inputs from one of the largest and most sophisticated teams of economists in the country. Being Macro aware allows us to incorporate big-picture thinking into the investment process, a key component in a fast-changing world.
By integrating top‑down insights with bottom‑up valuation, we aim to construct portfolios that can meet real return objectives while optimising risk. ESG considerations are incorporated into our fundamental analysis to assess the sustainability and long‑term resilience of companies and assets, supporting better‑informed investment decisions.
Our Capabilities
Fixed Income
Property
Equity
Passive
Offshore
Credit
Valuation
Bottom-up valuations, based on long-term through-the-cycle assumptions, form the backbone of our active investment decision-making process. We are supported by specialist teams across local and offshore markets, giving us deep insight into asset class fundamentals.
Our bottom‑up valuation work informs both security selection and asset allocation decisions. with particular strength in credit origination, selection, and ongoing monitoring - a key component across many of our fixed income strategies.
