- Long-term protection of private wealth: we do not expect to be judged by how much we exceed the market's gains or "cushion" its losses in any one year. Contrary to many, our benchmark is zero. Our starting mandate is protection, regardless of the markets:
- We are not "market timers": we prefer our managers to be "late joiners" in market rebounds, and "early quitters" when signs of deterioration in market fundamentals appear on the horizon. This choice may cost a few performance points upward, but it is the one proven approach to protect our clients' patrimony, especially in severe or disastrous down cycles.
- If our managers are conservative, it does not mean that they are passive: when their research uncovers sound opportunities compatible with the portfolio's objectives, they will seek the potential for revenue (often referred to as "alpha") -- even for opportunistic investments of a short-term nature.
- Consistently superior investment performance over time, through a unique mix of strategy, skills and tools:
- "Open Architecture" platform: in order to deliver superior performance, both we and our investment managers will seek the "best-of-breed" professionals in each asset class and investment style. Today, even among the most prestigious investment managers, reliance on proprietary investment products is all too frequent - regardless of their relative performance. By contrast, our allegiance goes to our client: we are an independent firm. Our global, multi-manager investment proposition gives us the complete freedom of choice which is a pre-requisite for maintaining our high performance standards.
- A "global" investing approach: unlike many U.S.-centric professionals who invest in so-called "international" securities or mutual funds to add overseas flavor, our managers perform their research and participate in the global markets continuously. Today, more than half of the world's market capitalization originates outside of the United States, and professional investing needs to take that fact of life into account. Our selections of investment assets are not related to the size or importance of any one geographic market: rather, on their evaluation of actual opportunities and trends relative to all other alternatives around the globe.
- "Absolute Return" strategies, aimed at achieving our client's stated return objective -- but staying within the parameters of the portfolio's risk containment imperatives. Depending on market conditions, this will mean going a step beyond the "stocks-bonds-cash" asset mix of traditional portfolio theory - and adding proven tools such as alternative investments... established, high-quality, low-leverage hedge funds... structured investment products... or selected commodities.
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