Investment Rationale

We look to achieve long term positive returns in all market conditions rather than blindly following benchmarks. Benchmarks are determined on the basis of assertions about classes of investments that bear little or no relation to reality. They live in the world of theory, and the constant possibility of change. The brutal truth is that the investment industry tends to look first to its own business risk, and not the client's risk.

The advantage of a portfolio mandate unrestrained by benchmarks is that it drags the fund manager back to the discipline that business risk and the client's risk are identical. Strict adherence to benchmarks can put talented fund managers into a straightjacket as asset allocation is the main driver of investment performance. Investors need complete flexibility in order to achieve consistent returns