What, why, how?

A global equity strategy with variable market exposure, aiming to generate real returns over the long term.

We believe listed equities offer the most attractive universe for generating real returns over the coming decade and beyond.

Government bonds returns will fail to provide reliable diversification within traditional multi-asset strategies.

Private capital markets are in a bubble that should be avoided.

Whilst we believe broad listed global equity market returns will be lower and more volatile than investors are used to, the universe of listed global equities is incredibly diverse.

The key to extracting attractive absolute returns is to focus on specific investment themes and only accept market risk that is proportionate to expected returns at a given time. Navigating market and economic cycles will require agility.

We feel that the strategy benefits from a clear and disciplined investment process:

1. Identify stocks with substantial absolute upside over a 3-5-year horizon. The investment universe spans all countries and industries, any size or factor exposure.
2. Set the range for market exposure driven by the expected absolute upside to stock ideas, conditioned with broader market valuation analysis and macro considerations.
3. Identify the themes expected to best explain how markets will relate to our highest conviction stock ideas on a 12-18-month view. Build a portfolio of 6-10 themes that is expected to achieve the highest expected return across multiple scenarios for the target level of market exposure. Hedge market exposure where appropriate to achieve this objective.