Strategies · Global Macro
Liquid global markets, observed through one lens.
Our investment universe spans the major liquid asset classes. We look for the points where they intersect, where a single macro development is priced differently across markets.
Investment Universe
Global Macro
We start with our macro themes and express them through commodities, rates, and currencies.
Commodities
Energy, metals, and agricultural markets read as signals of growth, scarcity, and supply dynamics.
Rates
Sovereign curves, policy expectations, and relative value across global term structures.
Currencies
Currency regimes, capital flows, terms of trade, and policy divergence between economies.
Global Coverage
Macro developments rarely respect borders. We follow them across regions, tracking how policy in one economy transmits into pricing in another.
Themes are the connective tissue.
A macro theme is only useful when it can be expressed. We work backwards from the markets that offer the clearest, most liquid expression of a view, then size that expression against the rest of the portfolio.
See the investment processA Changing System
Reading the structure beneath the cycle.
Global markets are shaped not only by the business cycle, but by longer shifts in trade, sovereignty, supply chains, energy security, and the relationship between national policy and private capital.
We study how those forces change the connections between commodities, rates, currencies, and equities. The objective is not to defend a fixed forecast, but to keep the investment map current as the system evolves.