Liquid Strategy

Investment Philosophy & Objectives

Top-down fundamental analysis determines asset allocation and portfolio positioning across geographies, sectors, secular themes. Capital is allocated to areas that can generate attractive long-term risk-adjusted returns.

Bottom-up security selection ensures we remain flexible in order to identify and invest in the best securities/third-party funds, through which we can express our views.

Our primary focus is on risk management and liquidity. We define risk as permanent loss of capital, not price volatility. We aim to ‘defend’ in down markets, in order to compound capital at an attractive rate over the long-term.

We are benchmark agnostic and aim to generate mid-to-high single-digit returns, over the cycle, with less volatility than broader asset classes.

Investment Framework & Process

Where do we want to invest?

Top-down Asset Allocation and Portfolio Positioning

Portfolio Construction & Implementation

Portfolio Management

What is the best way to express our views?

Bottom-up Security Selection

Portfolio of complementary yet distinct investments

Absolute Return Investments

Allocations to talented external managers, operating in niche/hard to access areas, offering a source of diversification

Thematic Investments

Expressed via direct liquid securities, or external managers/specialists

Directional/Asset Allocation-driven Investments (beta)

Expressed via direct liquid securities, or directional and liquid active/passive funds