Dynamic Alpha Strategy

Objective

Seeks a an absolute real return of 6-8% above the Consumer Price Index over a full market cycle (typically 3-5 years) with lower volatility than traditional global balanced strategies.

Concept

An absolute return strategy that takes long and short positions across capital markets (at the asset class, country, and currency levels), and within capital markets (through sector, sub-sector, and individual security selection). This strategy has less reliance on market risk and uses derivatives to decouple market exposure (beta) from security selection (alpha).

Investment philosophy

Intrinsic value is determined by the fundamentals that drive a security’s future cash flow.
Discrepancies between market price and intrinsic value arise from market behavior and market structure providing opportunities to outperform.
A truly integrated global approach produces superior research.
Seeks to generate returns from the correction of significant discrepancies between price and fair value.

Investment process

Combines active top-down asset allocation and currency management with active bottom-up security selection.
Employs a fundamental price to intrinsic value investment process to asset classes, currencies, and security selection.
Uses market behavior analysis to understand reasoning in the marketplace for prevailing levels of market pricing.
Actively manages risk with the objective of achieving returns that properly compensate for risk taken.

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