We believe fundamentals ultimately drive markets over the intermediate-term (9-18 months), and a forward-looking perspective that balances risk and return over market cycles is integral to a dynamic investment strategy.
Our investment approach pivots around our Capital Market Line ("CML"), which represents our fundamentally-driven expectations of relative risk/return across asset classes over a forward-looking 5-year period. This CML is developed and maintained by our team on a quarterly basis, and has served as our team’s key tool for decisions that impact the management of our products since 2002. These views are shared through our flagship quarterly publication.
On a monthly basis, we form our Multi-Asset Strategy by combining the CML view with more near-term insights from debating differences of opinion in our global, multi-asset class set ecosystem – a set of meetings spanning fixed income, equity and alternative asset class specialists. This establishes our risk positioning as well as convictions over an intermediate-term investment horizon of 9-18 months.
We conduct portfolio implementation meetings to enable disciplined and rigorous execution of our views, ensuring we are aligned with objectives, investment guidelines and risk/return expectations of each portfolio.
We establish our fundamental relative risk/return views over a five-year, forward looking basis.
We form our risk positioning as well as convictions over an intermediate-term investment horizon of 9-18 months.
We build portfolios and perform regular oversight to ensure positioning versus market performance.