The Fund is a multi-asset class investment strategy and a multi-time scale investment program that aims to generate performance above the Fund’s cash benchmark.
The strategy examines the market from a top-down global macro perspective and invests in highly liquid equities, bonds, currencies and volatility to reflect this view. By using a broad set of underlying strategies the Fund aims to maintain positive returns through various market environments.
- Equity strategies start with investments in quality stocks, industries and countries temporarily trading at an absolute value discount. Performance is then enhanced with active trading in relative value and directional strategies.
- Bond strategies start with investments in high quality cash and fixed income securities offering good yield and hedging characteristics relative to equities. Performance is then enhanced with active trading in relative value and directional strategies.
- Foreign Exchange strategies seek to generate returns via active trading in developed and emerging currency markets. The Fund tends to favour strong, fairly priced currencies with high yields.
- Volatility strategies seek to generate returns by trading volatility derivatives, with a focus on identifying impending volatility events. Historically these strategies have provided downside protection during times of market stress.
- Commodity strategies seek to exploit inefficiencies in commodity markets by replicating common trading strategies that have proved effective through time.
The Fund at a glance
- An investment process that seeks to deliver positive returns in all market cycles
- The Fund aims to have very low correlation to major asset classes
- A defensive strategy focused on capital preservation; periods of highest returns have historically been during large equity market drawdowns.