05Global Diversification
Different sources of return, not different labels.
Two holdings in different countries can carry the same underlying risk. We look through the label to the driver: the rate, the currency, the commodity, the single customer everyone depends on.
Exposure is engineered across geographies, sectors, currencies and asset classes, with concentration limits that hold when a theme becomes fashionable.
Conviction still matters. Diversification is there to keep a mistake survivable, not to dilute every idea into the average.
Breadth
Across markets, and across the drivers behind them.
Public equity, fixed income, private credit, real assets and selected digital assets each earn their place by contributing something the others cannot.
- ·Currency exposure managed deliberately
- ·Limits by issuer, sector and country
- ·Correlation reviewed, not assumed
Coverage
Where exposure is built.
- GeographiesDeveloped and selected emerging
- Asset classesEquity, fixed income, credit, real assets, digital
- CurrencyManaged against your base currency
- ConcentrationCapped by issuer, sector and country
- CorrelationReviewed at each committee
See the asset classes we cover.
Each asset class has its own page setting out how we use it and what it is expected to contribute.