We provide unconditional advice for creating a coherent, resilient portfolio

We provide unconditional advice for creating a coherent, resilient portfolio

Portfolio Diversification and Optimization

We identify risk exposures and their interaction and seek to maximize return for a client’s specific risk budget and financial profile, combining all holdings into a coherent, resilient portfolio.

Strategic and Tactical Asset Allocation

We align each asset class’s risk-return and liquidity features with specific client goals, helping clients identify attractive opportunities while avoiding undesired risks.

Investment Manager Selection and Oversight

We avoid real or perceived conflicts of interest by delegating management of individual investment strategies to a broad collection of world-class managers, each selected for its specific expertise and the unique role its strategy may serve in a client portfolio.

Comprehensive Monitoring and Reporting

We incorporate all investments - no matter where investments are held or how they were selected - when reporting on portfolio performance and exposures. Our clients gain insight from not becoming lost in the details while retaining full transparency.

We employ an endowment
approach
to portfolio construction designed to:

  • Generate sustained real growth (after inflation) of principal while meeting the cash flow distribution needs of clients

  • Often include alternative assets, including hedge funds, private equity and credit, real estate and real assets

  • Build exposures to select asset classes to desired levels, adjusting to specific market conditions over time

STARTING POINT

Existing Foundational Investments / Concentrated Positions

We start by considering our clients’ entire investment picture, including concentrated positions, with a constant focus on their goals:

  • Identify and define exposures inherent in concentrated positions

  • Define cash flows from foundational investments and concentrated positions for redeployment into a broader portfolio

  • Manage liquid/marketable and other portfolio interests to retain or increase diversification benefits

existing portfolio
Global Equity
Global Fixed Income
Alternative Investments
Concentrated Equity
Direct RE
Cash
DESTINATION

Fully-Transitioned,
Globally-Diversified Portfolio

We ensure these investment areas fit within the larger portfolio and its objectives, and, in turn, we shape the diversified portfolio to complement existing exposures.

Target portfolio
Global Equity
Global Fixed Income
Alternative Investments
Private Investments
Concentrated Equity
Direct RE
Cash
CAPITAL REVIEW

2024 Quarter 1

Global equity markets gained 8.1% during the quarter, led by a 10.4% rise in US large-cap stocks. Despite strong initial performances, markets retreated by 5.1% in early April amid rising US inflation and geopolitical tensions. In fixed income, the Barclays US Aggregate Index saw a 0.8% decline in Q1 and a 3.1% drop year-to-date.

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