STRATEGIES
How we allocate capital
A multi-strategy approach to capital allocation
The portfolio is built around a core allocation strategy, supported by a set of complementary strategies that are activated selectively when market conditions present specific opportunities.
Core allocation
A flexible equity-bond-commodities approach designed to stay fully invested while actively managing risk. The emphasis is on maintaining balance across market conditions, not on predicting them.
Equity
We prioritise developed equity markets, where the team holds its strongest track record. Positions are built through single names, sector allocation, and futures, always with close attention to liquidity and portfolio flexibility.
Credit events
A strategy focused on corporate bonds following material positive events in the issuer's capital structure. Positions are taken after a clear catalyst (asset sales, recapitalisations, restructuring completions) that improves the credit profile and creates a measurable repricing opportunity. More detail is available on the dedicated page.
Gold, Copper and Oil
A model-driven approach to these commodities allocation, based on an analysis of the structural drivers of the price over the short, medium and long term. Depending on market context, gold, copper and oil serves as either a portfolio hedge or an opportunistic return source.
Aerospace and defence
A sector-specific lens built on years of dedicated expertise, including through the management of a focused fund. Positions are taken when sector dynamics and valuations create identifiable entry points.
Floating storage
An episodic, regime-specific strategy deployed when the crude oil futures curve enters sustained contango. Exposure is taken through selected crude tanker equities, where charter rate dynamics and fleet economics create opportunities that are structurally uncorrelated with the core portfolio.
How we allocate capital
A multi-strategy approach to capital allocation
The portfolio is built around a core allocation strategy, supported by a set of complementary strategies that are activated selectively when market conditions present specific opportunities.
Core allocation
A flexible equity-bond-commodities approach designed to stay fully invested while actively managing risk. The emphasis is on maintaining balance across market conditions, not on predicting them.
Equity
We prioritise developed equity markets, where the team holds its strongest track record. Positions are built through single names, sector allocation, and futures, always with close attention to liquidity and portfolio flexibility.
Credit events
A strategy focused on corporate bonds following material positive events in the issuer's capital structure. Positions are taken after a clear catalyst (asset sales, recapitalisations, restructuring completions) that improves the credit profile and creates a measurable repricing opportunity. More detail is available on the dedicated page.
Gold, Copper and Oil
A model-driven approach to these commodities allocation, based on an analysis of the structural drivers of the price over the short, medium and long term. Depending on market context, gold, copper and oil serves as either a portfolio hedge or an opportunistic return source.
Aerospace and defence
A sector-specific lens built on years of dedicated expertise, including through the management of a focused fund. Positions are taken when sector dynamics and valuations create identifiable entry points.
Floating storage
An episodic, regime-specific strategy deployed when the crude oil futures curve enters sustained contango. Exposure is taken through selected crude tanker equities, where charter rate dynamics and fleet economics create opportunities that are structurally uncorrelated with the core portfolio.
How we allocate capital
A multi-strategy approach to capital allocation
The portfolio is built around a core allocation strategy, supported by a set of complementary strategies that are activated selectively when market conditions present specific opportunities.
Core allocation
A flexible equity-bond-commodities approach designed to stay fully invested while actively managing risk. The emphasis is on maintaining balance across market conditions, not on predicting them.
Equity
We prioritise developed equity markets, where the team holds its strongest track record. Positions are built through single names, sector allocation, and futures, always with close attention to liquidity and portfolio flexibility.
Credit events
A strategy focused on corporate bonds following material positive events in the issuer's capital structure. Positions are taken after a clear catalyst (asset sales, recapitalisations, restructuring completions) that improves the credit profile and creates a measurable repricing opportunity. More detail is available on the dedicated page.
Gold, Copper and Oil
A model-driven approach to these commodities allocation, based on an analysis of the structural drivers of the price over the short, medium and long term. Depending on market context, gold, copper and oil serves as either a portfolio hedge or an opportunistic return source.
Aerospace and defence
A sector-specific lens built on years of dedicated expertise, including through the management of a focused fund. Positions are taken when sector dynamics and valuations create identifiable entry points.
