Philosophy & Approach

Our investment program aims to deliver superior risk adjusted returns and invests with a long-term time horizon. We allocate capital to specialist investment managers across the main asset classes of fixed income, developed market equities, emerging market equities, absolute return strategies, private equity and real assets. Capital preservation is as much part of the portfolio construction as capital appreciation, resulting in a diversified portfolio by region and asset class. The investment program adheres to a strict policy of strategic diversification and does not engage in tactical market timing.

Through a comprehensive due diligence process, we seek to invest with the best investment managers and strategies in each asset class. We leverage our extensive network of contacts within the investment community to identify and invest in compelling, often undiscovered, investment managers around the world. The underlying strategies are predominantly value orientated, index agnostic, driven by fundamental analysis and highly concentrated. We prefer independent managers who operate a single strategy and have a meaningful level of co-investment in their own product.

Our asset allocation framework is based on diversification through stable commitments to the main investable asset classes. Each asset class has its own unique long-term risk and return profile and tends to move in different patterns relative to each other. By combining assets that vary in response to market forces, we create portfolios that exhibit attractive risk characteristics without compromising returns.

We view the management of investment and operational risks as a part of prudent portfolio management. Given our preference for managers who run concentrated portfolios, often contrarian in nature, we are willing to accept short-term volatility for the benefit of long-term gains. The key components of our risk management framework are diversification, disciplined rebalancing and ongoing due diligence.