19/04/2026
Top-down and Bottom-up
We believe that asset prices are driven both by macro factors (top-down) and bottom-up fundamentals. By analysing local and global economic data, we identify trends that will influence asset prices.
Our investment approach is built on the below principles:
Macro
Valuatio
Fully Invested in meeting our clients' needs.
Investment Proposition and Philosophy
Real returns optimised within a risk framework
Our investment philosophy aims to meet the twin objectives of capital preservation and capital appreciation over the long term, through an investment strategy that considers diverse sources of return while being risk aware. The outcome of this process is to deliver real returns which are in line with your risk appetite.
Our fundamental aim is to maximise risk-adjusted returns for our clients, and this is done both at the asset class level in the case of actively managed funds and at asset allocation level in the case of multi-asset funds. We follow a consistent investment process based on the conviction that returns are obtained through a combination of the correct strategic and tactical asset allocation. We value each asset class to identify mispricing opportunities which can be captured either via selection within an asset class or by our asset allocation process when comparing across asset classes.
Our team-driven and prudent investment process is applied across all our investment decisions and across all mandates and funds with individual accountability given to the portfolio managers managing your money. We follow a systematic, fundamentally based approach to investing which allows us to avoid behavioural biases.
Top-down and Bottom-up
We believe that asset prices are driven both by macro factors (top-down) and bottom-up fundamentals. By analysing local and global economic data, we identify trends that will influence asset prices.
Our investment approach is built on the below principles:
Macro
Valuation
Macro
Macro factors are important inputs in the asset allocation and valuation process. We use a wide range of economic and market data alongside an array of proprietary inputs from one of the largest and most sophisticated teams of economists in the country. Macro awareness aims to incorporate big-picture thinking into the investment process, a key component in a fast-changing world.
Fixed Income
Equity
Offshore
Property
Passive
Credit
Our Capabilities
Valuation
We rely on asset class valuation when making active investment decisions. We employ asset class specialists onshore and offshore to be able to provide the best possible understanding of specific asset classes. The bottom-up valuation assists in asset allocation decision-making. We have access to a broad spectrum of assets and a fundamental advantage when it comes to originating, selecting and monitoring credit which is an important building block in many of the fixed income funds.
By combining a top-down view and bottom-up valuations, we are able to determine the best possible combination of asset classes to deliver on your real return targets, while optimising for risk. We also account for ESG (Environmental, Social and Governance) factors when analysing companies to evaluate the sustainability of their returns in the long term.
