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For Institutional Investors in the US

Multi Strategy

This market-neutral, alternative strategy invests across a diversified set of bottom-up strategies combined with a top-down "protection" strategy.

Overview

ABOUT THIS STRATEGY

The team believes that investor constraints, behavioral biases, structural inefficiencies and capital flows lead to persistent investment opportunities. They seek to capitalize on these opportunities by investing globally across a diversified set of skill-based, market-neutral strategies.

A bottom-up, risk-aware approach to capital allocation aims to target the most attractive investment opportunities in any given environment, while top-down risk controls anchored on a protection strategy seek to manage total portfolio risk.

The result is a strategy designed to deliver positive absolute returns regardless of market conditions, at moderate levels of volatility with low correlation to both traditional and alternative asset classes.

Investment Approach

Diversifying absolute return strategy

The strategy aims to deliver cash + 5% (net of fees) over a full market cycle, with low beta and correlation to global equities, within an expected volatility range of 4 – 8%.

Pips graph

A distinct range of return sources

A diverse set of lowly correlated strategies aims to capture opportunities across market environments while seeking to maximize the risk-adjusted returns of the entire portfolio.

Rocks in the sea
Pips graph
Rocks in the sea

Explicit portfolio protection strategy

A top-down ‘protection’ strategy seeks to provide ‘crisis alpha’ during periods of market stress, while allowing the other strategies to remain positively exposed to resulting opportunities.

Stable and experienced team

A collaborative team of highly experienced investment professionals with a diversified skill set based in the UK, U.S. and Australia.

FEATURED INSIGHT

Portfolio Manager Note

Portfolio Manager Steve Cain provides his latest quarterly thinking on the macro backdrop and the route ahead.

Read More

INVESTMENT STRATEGIES

Invests in a diversified set of strategies at a bottom-up level, combined with a top-down protection strategy.

Convertible arbitrage Aims to capitalise on mispricings of convertible bonds
Event driven Aims to capture pricing inefficiencies around corporate events or capital structures
Equity market neutral Seeks to deliver alpha by investing long and short across pan-European equities
Price pressure Aims to generate returns through the provision of capital to liquidity opportunities
Risk transfer Aims to capitalise on supply/demand-driven imbalances in the derivatives market
FICC RV Invests in Fixed Income, Currency and Commodity Relative Value opportunities
Portfolio protection Seeks to mitigate left tail risk through a multi-faceted protection strategy

PORTFOLIO MANAGEMENT

David Elms

David Elms

Head of Diversified Alternatives | Portfolio Manager

Industry since 1992. Joined Firm in 2002.

Steve Cain

Steve Cain

Portfolio Manager

Industry since 1987. Joined Firm in 2010.

Performance

RETURNS (%) (As of 03/31/2024)
Composite Gross Composite Net USGG1MRI
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(06/01/2006)
Composite Gross -0.30 -0.30 1.61 2.78 5.17 6.77 5.75
Composite Net -0.56 -0.56 0.52 1.08 3.28 4.60 3.53
USGG1MRI 1.34 1.34 5.20 2.55 1.92 1.29 1.22
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 03/31/2024)
Composite Gross Composite Net USGG1MRI
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(06/01/2006)
Composite Gross -0.30 -0.30 1.61 2.78 5.17 6.77 5.75
Composite Net -0.56 -0.56 0.52 1.08 3.28 4.60 3.53
USGG1MRI 1.34 1.34 5.20 2.55 1.92 1.29 1.22
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
Calendar Year Returns (%)
Composite Gross Composite Net USGG1MRI
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Gross 2.89 3.46 3.81 13.72 4.22 9.83 6.27 12.47 6.30 9.34
Composite Net 1.77 1.14 1.96 10.52 3.01 7.25 4.16 9.06 4.20 6.65
USGG1MRI 4.94 1.39 0.03 0.42 2.14 1.78 0.78 0.20 0.01 0.02

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
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