Investment Strategy
Global Macro
Investing
In weekly meetings, analysts gather to discuss macro news and potential trade ideas. Our focus is surrounding key macro data prints, upcoming central bank policy rate announcements and geopolitical events. Analysts regularly pitch their ideas to the team, and receives feedback by other analysts post pitch.
We take a primarily discretionary and opportunistic approach to global markets, paying particular attention to the US and European markets and other major economies like the UK, China and Japan. We cover multiple asset classes, including FX, rates, and commodities. Analysts are encouraged to explore the different asset classes and geographies when constructing pitches.
Through disciplined risk management and position sizing, we aim to deliver consistent returns while protecting capital during periods of market stress and volatility.
Our Approach
A systematic, repeatable framework for idea generation, assessment, and execution across macro asset classes.
Macro Research
Identifying secular themes, cyclical turning points, and policy-driven inflections that reshape global asset pricing by analysing fiscal and monetary policy in addition to quantitative models.
Systematic Strategies
Factor-based frameworks to capture cross-asset correlations, exposure, tail risks, and regime shifts. These also include asset-specific models, such as those considering the 'fair value' of FX pairs.
Trend Analysis
Balancing fundamental macro ideas with technical indicators to assess factors such as momentum and determine appropriate order types.
Market Coverage
Comprehensive global market access across multiple asset classes and geographies
15
Countries
20+
Currency Pairs
4
Main Asset Classes
24/7
Monitoring
Investment Process
A systematic, repeatable framework for idea generation, assessment, and execution across macro asset classes
Research
Deep analysis of global economic cycles, policy dynamics (fiscal, monetary, regulatory), and structural supply/demand shifts in commodities, FX, and rates.
Model
• Relative value models across all 4 asset classes
• Yield curve decomposition and term premium analysis for rates
• Commodity storage, cost curves, and supply-demand balances
• FX fair value models incorporating real rates, balance of payments, and capital flows
Execute
Disciplined entry/exit through systematic position sizing, taking into account crowded positions and liquidity considerations.
Optimize
Ongoing monitoring of exposures through factor sensitivities, volatility clustering analysis, and responsiveness to macro regime shifts (e.g., inflationary vs disinflationary regimes).
Risk Management & Portfolio Construction
Advanced quantitative frameworks for cross-asset risk management and systematic portfolio construction
Cross-Asset Risk Models
Click to explore our risk framework
Tail Risk Assessment
Discover our VaR methodology
Systematic Portfolio Construction
Learn about our systematic approach
References & Further Reading
Soros, G. The Alchemy of Finance: Reading the Mind of the Market
Essential insights into reflexivity theory and global macro investing from one of the most successful practitioners.
Dalio, R. Principles for Navigating Big Debt Crises
Comprehensive framework for understanding economic cycles and debt dynamics in global markets.
Taylor, J. B. Central Bank Models of the International Economy
Academic treatment of central banking policy and its impact on global financial markets.
Krugman, P. International Economics: Theory and Policy
Foundational principles of international trade, exchange rates, and monetary policy coordination.