Risk management

The control and allocation of risk are integral to our process. The objective is to take compensated risk and to avoid unintended risks. By decomposing the risk exposures of our active strategies our Global Risk Management system allows us to capture the impact of all the decisions and to determine the aggregated impact on the portfolio. The risk system’s features include:

Designed to reflect our combined top-down and bottom-up approach to managing portfolios - the way we manage portfolios.
Level of granularity that allows the investment teams to deconstruct the portfolios and identify individual decisions (down to the individual bond) that are contributing to risk (absolute and relative).
Forward looking (ex-ante) assumptions.
Ability to make enhancements to the risk system as the market evolves.

All four of these influential components are incorporated at both the top-down strategy setting (duration, yield curve, sector and non-benchmark sectors) and at the bottom-up issue selection analysis.

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