02 / Capabilities
Strategy before allocation. Risk before conviction.
We manage and advise on mandates for private and institutional capital across public, private and physical assets — each governed by a stated objective, an explicit risk framework and a reporting discipline that holds in every market.
Asset Management
A mandate is a framework, not a forecast.
Good asset management is less about predicting markets than about deciding, in advance, what you will own, why, at what size and under what conditions you will change your mind.
Our process starts with the mandate: return objective, horizon, liquidity, permitted exposures and the boundaries that must not be crossed. Allocation follows from that framework, and every position carries a written thesis with a defined risk and review point.
We work internationally because opportunity, currency, regulation and custody are rarely aligned in one place. We describe process, risk and the range of possible outcomes — never a guaranteed result.
Key capabilities
What the mandate can include.
- Asset allocation
- Strategic and tactical allocation across asset classes, constructed against the objective and constraints of the mandate.
- Opportunity identification
- Research and origination across markets, tested against the mandate before it is ever presented as an opportunity.
- Risk framework
- Concentration, liquidity, currency, counterparty and drawdown boundaries agreed in writing before capital is committed.
- International markets
- Developed and selected emerging markets, with jurisdiction, custody and settlement treated as part of the position.
- Manager and mandate oversight
- Selection, monitoring and honest review of external managers and vehicles where they serve the mandate better than we would.
- Reporting discipline
- Consistent reporting on exposure, attribution and risk — in the same format and the same tone in every environment.
Our approach
How mandates are researched, sized and reviewed.
- 01
Define the mandate
Objective, horizon, permitted exposures and hard boundaries, agreed and documented.
- 02
Research the thesis
Each candidate exposure is written up: the case, the risks, the conditions that would invalidate it.
- 03
Size against risk
Position size is a function of downside and liquidity, not of enthusiasm.
- 04
Monitor continuously
Exposures are tracked against the thesis and the risk boundaries, not against sentiment.
- 05
Review over cycles
Performance and process are assessed across the horizon of the mandate, and errors are stated openly.
Why clients work with us
Process that can be examined, in any conditions.
Written before committed
The basis of every decision exists on paper before capital moves, and can be reviewed afterwards.
Risk stated, not implied
We set out what can go wrong and at what size, rather than describing risk in general terms.
Long-term measurement
We ask to be judged over cycles, on process as well as outcome.
Global vantage point
Cross-market perspective, so that a position is understood in its currency and jurisdictional context.
Nothing on this page constitutes an offer, a solicitation or investment advice. Past performance is not a guide to future results.
Enquiries
Discuss an opportunity, in confidence.
Conversations begin privately and without obligation. Where a request sits outside our remit, we will say so.