The Frame

A video introduction to our longstanding investment framework.

Investment Philosophy

An investment philosophy identifies and drives key sources of returns. We maintain a consistent investment philosophy across all client portfolios and strategies, whether hedged or long only.

Investment Framework Overview

An investment framework outlines how to execute the investment philosophy. We invest through the lens of a three-step investment framework.

Analogy: What is your process to prepare for a successful bike ride?

Step 1: Top-Down Macro

A top-down macro framework drives the shifting of overall portfolio exposures.

Analogy: If we are planning a long bike ride, we always check the weather, air quality, and other externalities—and then select our destination and map our route accordingly.

Step 2: Bottom-Up Fundamental

A bottom-up framework drives security selection and the sizing of positions.

Analogy: Once we confirm our destination and route, we want to bring the most appropriate, high quality gear along for the ride.

Step 3: Tactical Management

A tactical framework informs the entry and exit of positions.

Analogy: At any point in your ride, you want to unpack or repack the relevant items. When you’re thirsty, do you reach for your water bottle or your tool kit?