An Investment Philosophy
Our investment philosophy gives priority to capital preservation and long term performance. This is founded on the independence of our research team, a willingness to follow convictions which may significantly differ from the consensus and benchmarks, a disciplined approach to asset allocation, and a rigorous selection of external managers. We do not use leverage in implementing this conservative philosophy and foreign exchange risk is limited by hedging.
A Long Term Vision
We have a long term vision of macro-economic developments developed over time which allows us to detect and anticipate economic cycles and long term trends in financial markets.
Our Asset Allocation
Our asset allocation process follows this top-down approach and is based upon on a fundamental analysis of the macro-economic environment and financial markets. The in-depth analysis from our research team allows us to develop a profound understanding of the dynamics and valuation levels of different markets, asset classes, currencies and sectors. Our asset allocation, reflecting our convictions, follows directly from this fundamental analysis.
Implementation of our Strategy
Our strategy is implemented in the investment portfolios of our clients through the following:
- Direct investments in securities, through individual shares and securities in companies which have been subject to detailed analysis, or through tracking instruments which may be more appropriate for individual markets and sectors
- External funds which allow us to benefit from particular expertise in certain market segments, investment styles or geographic zones (small capitalization shares, high yield instruments, individual emerging markets...)