Capturing the rise of investment themes through a geopolitical and global macro approach

A better understanding of our changing world lets us manage clients' assets through an independent and uncorrelated process.

What our approach reads

1. 1

   World economy

   Geopolitical interaction driven by trade war, pandemic and cyberattack is no longer background noise to an investment case. Global trends and their consequences require a holistic approach.

2. 2

   Risks

   Dysfunctions are worsening through central-bank intervention, volatility and correlation breakdown. New risks must be addressed on their own terms: natural catastrophe, pandemic, cyberattack.

   Investment and risk management are intrinsic elements of the same process, not two departments reviewing each other.

3. 3

   Investors

   An investment process must be aligned with the client's values, and idea generation must fulfil the stated purpose of the strategy rather than the manager's preference.

Look for the best — plan for the worst.

Description of this diagram

What quantamental means here

The word is used loosely across the industry, so it is worth stating precisely. A quantamental process combines a fundamental global macro and top-down reading — worldwide and across asset classes — with quantitative processes that test, size and monitor what the reading implies.

Neither half is decorative. The fundamental reading decides which questions are worth asking; the quantitative process decides whether the answer is present in the data and at what size it can be held. A view that survives only one of the two is not acted on.

This is also why risk management is not a separate stage. If a position's rationale is a macro regime, then the regime changing is the risk event, and it is monitored as the same object that justified the position in the first place.

Where to go next

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  Invested thematics

  The themes we hold, why each has a date and a sequence, and where the reading could be wrong.