Core Equities

What makes our philosophy different?

Macro first, always benchmark-aware

We start with a clear view of the economic regime – expansion, slowdown or contraction – and use this to set base allocations and risk levels, rather than relying solely on bottom-up stock picking. A dedicated macro framework and regime analysis inform the structural tilts and cyclical exposures within our core portfolios.

Style agnostic by design

We deliberately avoid being locked into a single equity style such as growth, value or quality. In an era of extreme style volatility, where dogmatic adherence to any one style has been punished, this flexibility is essential to avoid “style whiplash” and to keep portfolios working across different macro environments.

Every position is a decision

Our portfolios are active, but benchmark-aware. We maintain a clear view on the largest benchmark constituents and spend as much time on our underweights as on our overweights, recognising that avoiding the wrong stocks can be as powerful as owning the right ones.

This discipline helps protect against losing alpha by ignoring large-cap winners and against a persistent bias towards smaller, less liquid names.

Two engines of alpha: macro and fundamental

We run a bimodal process that combines top-down macro and thematic insights with bottom-up fundamental research. Macro analysis identifies the key themes and exposures; fundamental work selects the individual companies best placed to benefit, with conviction expressed through both overweights and underweights as the opportunity set evolves.