Quarterly update
Watch the investment team recap this quarter.
(Note: Filmed in July 2024).
ABOUT THIS STRATEGY
The team believes that investor constraints, behavioral biases, structural inefficiencies and capital flows lead to persistent investment opportunities. They seek to capitalize on these opportunities by investing globally across a diversified set of skill-based, market-neutral strategies.
A bottom-up, risk-aware approach to capital allocation aims to target the most attractive investment opportunities in any given environment, while top-down risk controls anchored on a protection strategy seek to manage total portfolio risk.
The result is a strategy designed to deliver positive absolute returns regardless of market conditions, at moderate levels of volatility with low correlation to both traditional and alternative asset classes.
Investment Approach
Diversifying absolute return strategy
The strategy aims to deliver cash + 5% (net of fees) over a full market cycle, with low beta and correlation to global equities, within an expected volatility range of 4 – 8%.
A distinct range of return sources
A diverse set of lowly correlated strategies aims to capture opportunities across market environments while seeking to maximize the risk-adjusted returns of the entire portfolio.
Explicit portfolio protection strategy
A top-down ‘protection’ strategy seeks to provide ‘crisis alpha’ during periods of market stress, while allowing the other strategies to remain positively exposed to resulting opportunities.
Stable and experienced team
A collaborative team of highly experienced investment professionals with a diversified skill set based in the UK, U.S. and Australia.
FEATURED INSIGHT
Portfolio Manager Note
Portfolio Manager Steve Cain provides his latest quarterly thinking on the macro backdrop and the route ahead.
INVESTMENT STRATEGIES
Invests in a diversified set of strategies at a bottom-up level, combined with a top-down protection strategy.
| Convertible arbitrage | Aims to capitalise on mispricings of convertible bonds | |
| Event driven | Aims to capture pricing inefficiencies around corporate events or capital structures | |
| Equity market neutral | Seeks to deliver alpha by investing long and short across pan-European equities | |
| Price pressure | Aims to generate returns through the provision of capital to liquidity opportunities | |
| Risk transfer | Aims to capitalise on supply/demand-driven imbalances in the derivatives market | |
| FICC RV | Invests in Fixed Income, Currency and Commodity Relative Value opportunities | |
| Portfolio protection | Seeks to mitigate left tail risk through a multi-faceted protection strategy | |
