2022 Investment Outlook

Our 2022 annual outlook summarises our views and insights on the key questions impacting our portfolios today.

After another tumultuous and volatile year, we think a good way to start this letter is to remind readers of our approach to investing, namely:

1. We manage portfolios for the long term whilst protecting against a permanent loss of capital
2. Time in the market rather than timing the market leads to the strongest long-term returns
3. Only paying fees to those best-in-class managers and strategies where we believe there is a strong opportunity to generate outperformance net of fees against a suitable, low-cost, investable benchmark
4. Biasing our portfolio to less liquid strategies in order to capture high and differentiating return drivers