EN United States
  • Inception Date 1988
  • Vehicles Available
    • Separate Account

Investment Philosophy

We believe that sector and country exposures significantly impact the performance of international and global portfolios, and that an investment focus on allocations to these macro categories can generate consistent excess returns over medium term time. We also believe that a strategy focused on sector and country exposure involves fewer "moving parts," which is more conducive to effective risk-control, we have high conviction that ex-ante risk exposures will accurately reflect ex-post realizations. In this strategy, we utilize a combination of active country and sector allocations and passive stock selection within a risk-controlled framework to maximize return.

Our Value Add


  • We have been managing money in this style since 1988
  • We are a global firm with substantial resources, and this strategy utilizes research from every area of the firm
  • Our most senior asset allocation professionals conduct in-depth fundamental analysis on countries, regions, sectors and currencies

Top-down country and sector allocation avoids stock selection risk

  • Multiple sources of alpha add value through a combination of country, sector and currency drivers
  • Passive stock selection is achieved by investing in geographic and sector index funds, and guided by a risk-controlled framework that seeks to maximize return
  • We allocate to countries and sectors that we find to be the most attractive given our quantitative and fundamental analysis
  • We anticipate and respond to changing macro environments through dynamic allocation
  • We construct portfolios with the goal of generating high risk-adjusted returns, and risk budgeting is a central feature of our investment process

Overall program diversification

  • Style neutral, providing consistent return streams when compared with value and growth managers
  • Highly diversified, holding nearly all the names in the MSCI Index, with moderate tilts to preferred countries and sectors
  • Diversifies well against bottom-up management and satellite programs

Cost Efficient Management

  • Transaction costs and management fees are generally less than those typical of fully active products

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