Investment philosophy
Our philosophy comes down to one idea: long-term outcomes depend far more on structural decisions than on tactical moves. These are the principles we apply to every mandate.
01
Every portfolio begins by defining what the capital is for. Only then do we discuss asset classes, vehicles and currencies. The instrument is a means, never the starting point.
02
The split between fixed income, equities, real assets and liquidity determines most of the return and most of the risk. That is where our analytical effort goes.
03
Diversifying is not adding products. It is spreading risks that behave differently: asset classes, currencies, jurisdictions and horizons.
04
Fees, spreads and tax inefficiency compound quietly. We measure them, show them and reduce them where we can.
05
We protect the family's ability to stay with the plan in bad years. A portfolio that forces a sale at the worst moment has already failed.
06
Every decision is written down: why it was taken, what is expected of it and when it will be reviewed. That allows the process to be judged, not only the outcome.
Where the effort goes
Diversification with a purpose
Diversifying means spreading risks that behave differently, not collecting products.
Rule-based rebalancing
The rule is set beforehand, in the cold. The decision never depends on the mood of the day.
Defining the limits is part of the method. Some common industry practices fall outside how we work.
Setting the limits is part of the method: what stays out is a decision too.