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Philosophy and strategy
EHF runs a long-only, all-weather portfolio with a core focus on small-cap equities in developing markets. These markets are often characterised by the absence of foreign retail investors and a lower presence of large institutions due to liquidity constraints.
17 target markets our model portfolio covers, all of them markets the rest of the industry overlooks.
Click a market to see why we look there.
Target markets highlighted, reviewed as opportunities change.
Our philosophy
01
Crowded
Developed markets are picked over by institutions and retail flows.
02
Overlooked
Small-cap equities in developing markets, where coverage is thin.
03
Our edge
Inefficiency is opportunity, provided the risk is managed.
Why there
Risk management is a core decision variable, not a constraint applied after the fact.
Five desks research and propose positions, each in its asset class. The sixth, Partnerships & Communication, runs the fund's partnerships, events and outreach rather than positions.
Small caps in developing markets
A core focus on small-cap equities in developing markets, using detailed fundamental analysis informed by the macro regime.
Meet the deskEnergy, metals and agriculture
Capitalising on price dislocations across energy, metals, and agricultural markets.
Meet the deskFX, rates and macro regimes
Macroeconomic regime assessment to limit downside risk through FX, fixed income, and derivatives.
Meet the deskSystematic, cross-asset
Systematic and quantitative strategies across cross-asset portfolios.
Meet the deskSelective exposure
Selective credit exposure within a coherent, risk-first framework.
Meet the deskTop-down Security Research
Fundamental research on each name, read against the macro regime.
Macroeconomic Regime Analysis
A read of the macro regime that sets how much downside the book can take.
Commodities & Derivatives
Price dislocations in energy, metals and agriculture, with derivatives to hedge.
FX & Fixed Income Hedging
Foreign exchange and fixed income, held as risk-management and hedging tools.
Before inclusion
The Investment Committee checks trading volume, market capitalisation and core fundamentals.
Sizing
Equity weights come from a mean-variance optimisation of expected returns, volatility and correlations.
Hedging
FX, fixed income and derivatives protect liquidity and the downside.
All activity is conducted within a model portfolio and benchmarked against real-time market conditions.
Equity weights are determined using a mean-variance optimisation framework incorporating expected returns, volatility, and correlation inputs.
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Performance
The track record of our model portfolio, measured against its benchmark each quarter.
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