Ownership of businesses
Public and, where suitable, private equity — sized to the client’s ability to remain invested through drawdowns.
Investment management
Invest with conviction.
A disciplined investment framework designed for different horizons, objectives and levels of risk.
Strategic asset allocation
An architecture, not a collection of ideas.
The illustration below is a typical starting pattern for a long-horizon private portfolio. It is not a recommendation and does not imply expected return.
- Equities42% · growth of capital
- Fixed Income28% · ballast and income
- Real Assets14% · inflation-sensitive
- Alternatives10% · diversifying return
- Liquidity6% · optionality
Illustrative mix for demonstration. Actual weights would be set client by client. No return is stated or implied.
Building blocks
Where capital is put to work.
Each sleeve has a job. The quality of the whole depends on whether those jobs still make sense together when markets are unkind.
Contractual cash flows
Government and credit markets used for ballast, rebalancing dry powder and known liabilities.
Claims on the physical
Property, infrastructure and related exposures as a complement, not a slogan.
Different engines of return
Used sparingly, with attention to liquidity, fees and whether the risk is truly different.
The right to wait
Cash and near-cash so that spending and opportunity do not force sales at the wrong moment.
Our investment process
From research to monitoring.
Research
Macro, markets and the specific exposures under consideration.
Risk assessment
What can go wrong, in what combination, and how the client would feel it.
Portfolio construction
Weights, constraints and the role of each holding.
Implementation
Vehicles, costs, tax lot logic and operational care.
Monitoring
Drift, thesis decay and the discipline to change — or not.