Investment Principles

• The investment strategy must be directly aligned with the client mandate. We remain focused on achieving the targeted real return in order to mitigate short- fall risk*
• Risk management is fundamental; risk is desirable and it is the reason we invest. Risk should be a choice rather than a fate
• The price we pay is a key determinant of future returns; we incorporate valuation measurements into all our investment decisions
• Diversification is a must; we allocate across asset classes and geographies. We are unconstrained and benchmark* agnostic
• Be process oriented; we cannot influence markets, but we control the process we use to access them
• Costs matter; we look for funds with low charges and avoid unnecessary trading
• Remain humble; focus on what we do well. Invest in assets that are understandable, predominately liquid and tradable

*    For definitions reference Glossary – Investments, available in Resources