Research & Insights

Conviction, written down.

Every position we hold begins as a written argument. This page covers the desks we research, how we work, and what we publish each cycle.

Research desks: 5; Equities, Commodities, Macro, Quantitative, Credit. Our members produce new research every investment cycle.

What we publish

Three formats, one standard.

Pitch memos
A single idea, argued end to end: thesis, catalysts, valuation, and the risks that would prove us wrong. Every position in the book starts as a written memo defended before the committee.
Market notes
Shorter notes on a developing theme, such as a dislocation, a data release, or a regime shift, and what it means for the portfolio's positioning.
Strategy reviews
Each cycle we publish how the book performed against its benchmark, what worked, what didn't, and what we changed.

Why we write

Writing is how we think.

An idea that can't be written down clearly isn't ready to be owned. Memos are drafted, circulated, and defended before the Investment Committee before any capital is allocated in the model portfolio. Writing forces us to separate a good story from a good investment, and to state in advance what would make us wrong.

Coverage

Five desks.

Research is organised across the asset classes that make up our all-weather mandate. Each desk produces the work that supports the positions it proposes.

Small caps in developing markets

A core focus on small-cap equities in developing markets, using detailed fundamental analysis informed by the macro regime.

Our core focus is small-cap equities in developing markets: segments with lower foreign-retail participation and lighter institutional presence, where liquidity constraints leave persistent mispricing. Detailed bottom-up fundamental analysis is integrated with a top-down read on the prevailing macro regime.

Led by

Daniel VILJAKAINEN
Head of Equities

On the desk 17

Meet the desk

Energy, metals and agriculture

Capitalising on price dislocations across energy, metals, and agricultural markets.

Commodities sit at the centre of an all-weather portfolio. We track physical supply-demand dynamics, storage and convenience-yield effects, and speculative positioning across energy, metals, and agriculture. The aim is to capture price dislocations while using the asset class as a hedge against inflation and macro regime shifts.

Led by

Xabier CASTAÑOS
Head of Commodities

On the desk 7

Meet the desk

FX, rates and macro regimes

Macroeconomic regime assessment to limit downside risk through FX, fixed income, and derivatives.

Macro assessment frames every position. Foreign exchange, fixed income, and derivatives are incorporated primarily as risk-management and hedging tools. They are used to limit downside risk and keep the portfolio resilient as regimes change, not as standalone bets on returns.

Led by

Jean JOURDAIN
Head of Macro

On the desk 7

Meet the desk

Systematic, cross-asset

Systematic and quantitative strategies across cross-asset portfolios.

Our quantitative desk researches systematic, cross-asset signals, including commodity risk premia such as carry, time-series momentum, and basis-momentum. Its work feeds the mean-variance optimisation that determines equity weights from expected returns, volatility, and correlation inputs.

Led by

Corentin STUCKI
Head of Quantitative

On the desk 8

Meet the desk

Our members produce new research every investment cycle.

Partners and prospective members can request access to our latest notes and pitch memos.

Request access

Figures reflect a model portfolio maintained for educational purposes. Research notes reflect their authors' views when written.

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Team

The Executive Committee and the six desks behind the fund.

Three formats, one standard.

Pitch memos

A single idea, argued end to end: thesis, catalysts, valuation, and the risks that would prove us wrong. Every position in the book starts as a written memo defended before the committee.

Market notes

Shorter notes on a developing theme, such as a dislocation, a data release, or a regime shift, and what it means for the portfolio's positioning.

Strategy reviews

Each cycle we publish how the book performed against its benchmark, what worked, what didn't, and what we changed.

Writing is how we think.

Five desks.

Research is organised across the asset classes that make up our all-weather mandate. Each desk produces the work that supports the positions it proposes.