We have two very separate but equally important planks to our philosophy. The first is to have an unconstrained research agenda, and the second is to have a robust risk management process. We are seeking to maximize the amount of diversification to deliver good long-term risk asset returns at lower volatility than other investment methods may provide.
The unconstrained research agenda is all about looking for good long-term investment ideas, wherever they might arise, and not at all about starting with any preconceived notion of which asset class you should use to express them. Each of those ideas must be seen as potentially delivering a positive return on a two- to three-year view based on our central economic scenario.