Investment Objective
The investment objective of the Fund is to achieve absolute returns. The Fund seeks to achieve this objective through a process of economic analysis in both global currency and fixed income markets. There are both medium and short term based themes involved in the Fund’s strategy.
Latest Meeting Note
Meeting 01 Feb 2022
The fund is a thematically driven discretionary global macro strategy primarily trading government bonds and currencies, with a core focus on liquid mature markets (the fund’s positioning across EM is more opportunistic in nature). The p...
The fund is a thematically driven discretionary global macro strategy primarily trading government bonds and currencies, with a core focus on liquid mature markets (the fund’s positioning across EM is more opportunistic in nature). The portfolio is managed by Adrian Owens who has been running the Global Rates strategy since 2004. The investment team employ a five stage investment process, with fundamental macroeconomic analysis the key building block around which the portfolio is constructed. This involves defining the prevailing ‘market backdrop’ (i.e. what are the top-down drivers of assets prices) as well as the most promising bottom-up economic themes (typically 6 to 10), which are either medium-term (8-12 months) or short-term in nature, and are generally expressed by 3-4 trades resulting in a portfolio of about 40 positions. The fund aims to generate equity-like returns throughout the cycle with volatility similar to fixed income.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.9 | 0.1 | 0.4 | 0.9 | 0.9 | 0.5 | 0.9 | 0.6 | 0.1 | 0.6 | 0.9 | 1.0 | 0.7 | |
| 2022 | 0.4 | 0.2 | 1.0 | 1.0 | 0.4 | 0.5 | 0.3 | 0.9 | 0.7 | 0.0 | 0.2 | 0.8 | 1.0 |
