Who We Are

Geoeconomics determines how we work, not only where we look. Research establishes the view, which is then tested against scenarios we construct, historical and hypothetical, covering shocks to rates, spreads, currencies, correlations and liquidity. What they measure is asymmetry: potential gain against potential loss, and the distance between the portfolio and a loss from which it could not recover.

Direction is a matter of judgement; size is determined by the framework, always against the stressed case. Liquidity is held as a position rather than a residual. Before capital is committed, the view is verified through local partners and inspection of the assets concerned.

Modern portfolio theory assumes a combination of uncorrelated assets. In a liquidation, positions are sold because they can be sold, and correlations converge within days. We therefore diversify by thesis rather than by asset label. Two holdings in different asset classes that depend on the same policy outcome are treated as one position, not two.

Real estate expresses this view over a longer horizon, ranging from high street retail and residential to commercial office. Income is established first, in assets where structural demand is already in evidence; value is then created through refurbishment, repositioning and re-letting. Through a dedicated smart property fund we are invested in Cypriot real estate, in a market with among the highest levels of solar irradiation in the European Union, and in an Abu Dhabi project undertaken with government participation, upgrading buildings to smart specification within the value creation programme rather than as an additional cost. Environmental infrastructure is the next application, and we are developing plans across Eastern and Southern Europe and the Middle East.

Global macro trading ranges from money market derivatives to listed single stock investment, expressed in instruments deep enough to exit when the view changes. These are not separate businesses, but one view expressed over different holding periods.

Within the relevant macro strategy, a third allocation exists whose primary purpose is not the generation of returns under normal market conditions. Expressed through permitted high-yield bonds and derivatives, it addresses events that sit outside conventional market scenarios: rare, severe and unfolding in days rather than quarters. Convexity may be acquired when market conditions are favourable, with positions sized to limit the effect on the Fund of any single extreme event. Real estate provides the income and global macro seeks capital gains; this position is intended to provide an additional measure of portfolio protection during periods of severe market disruption. Over a sufficiently long period, improbable events will occur. A firm built to last will encounter many such events and must be positioned to withstand them; resilience is the precondition of every other ambition.

Rather than offering standardised products, the firm may establish and manage dedicated fund or Sub-Fund structures tailored to the objectives of specific groups of eligible investors. Investment policy, risk limits, governance, and reporting arrangements are defined in the relevant fund documentation from the outset. Where applicable, the firm and its principals may invest alongside investors, promoting alignment of interests.