INSTITUTIONAL PORTFOLIO MANAGEMENT

Our disciplined framework for managing complex, 由强大的风险管理工具监控的全球定制投资组合是我们为客户服务的核心.

• OUR PHILOSOPHY

  Managing portfolios invested in dynamic and evolving markets is both an art and a science. 重要的是确定支撑信念和合理决策的基本原则. These tenets also provide a framework for the portfolio management process, thus increasing the repeatability of successful outcomes.

• • We believe that an experienced and highly skilled team following a disciplined, rigorous investment process can identify and capture market opportunities.
  • We believe market conditions are dynamic, requiring skilled managers to adapt to exploit opportunities.
  • 我们认为，构建具有高信念机会的投资组合对于获得长期超额回报是必要的.
  • 我们认为，最具吸引力的投资机会是不可扩展的，而且能力有限.

• OUR PROCESS

  Angeles开发了一个专有的投资组合管理框架，经过多年的经验改进. This framework grounds our work with a sound disciplined process, yet provides latitude to reflect Angeles’s best ideas given market conditions. As a result, we believe there is a higher confidence in repeatable outcomes, durability to withstand market shocks, and meeting client goals over time.

DESIGN. IDENTIFY. CONSTRUCT. MANAGE.

• DESIGN CUSTOM POLICY

  For each client, we engage in a deep iterative process of discussion and analysis, 从而产生一个定制的投资策略，我们相信这将满足他们的目标和限制.

• IDENTIFY
  HIGH-ALPHA MANAGERS

• • Manager selection has a material impact on portfolio performance, as it is through managers that investors access global markets. 对于最适合我们客户投资组合的经理和策略类型，Angeles有自己的见解. 我们寻找积极的基金经理，我们非常相信他们有能力在效率低下的市场领域提供阿尔法.
  • At Angeles, “合适的规模”是有意为之的，在选择管理者时具有竞争优势. We have scale to strengthen our negotiating position, meet higher minimums and maintain depth of research resources; yet, we remain agile and able to exploit niche high alpha, capacity-constrained strategies.
  • Unique sourcing relies on a proprietary manager database and outreach, and ongoing manager cultivation by Angeles. Our founders are involved from the beginning of the research process. Once identified, 安吉利斯投入了大量的资源来评估和执行深入的尽职调查.
  • 一旦获得批准，yabo亚博网站登录首页条款和规模分配的谈判就完成了选择过程.

• CONSTRUCT
  PORTFOLIO

  我们彻底改变了传统的投资组合构建过程，并开始与我们认为最杰出的投资经理建立投资组合, regardless of asset class. Next, 而不是条件反射式地让平庸的主动经理人完成每个资产类别的配置, we achieve our asset allocation goals with low-fee passive instruments. These passive instruments also bring valuable agility for rebalancing and transition.

• Importantly, as the portfolios take shape we examine the exposures to three key factors:

  • Momentum, which aids in timing.
  • Valuation, which offers directional indicators.
  • Sentiment, which offers current “feeling,” and often is a contrarian indicator.

  
  下面的插图描绘了这三个因素之间的视觉关系，并描述了它们如何影响我们的投资组合定位.

• • Momentum
    (High)
  • Valuation
    (Low)
  • Sentiment
    (Poor)

• 这是一个高层次的说明，通过确定三个关键因素，有助于指导我们在资产类别中的相对定位, valuation and sentiment. 当动能高、估值低、人气差时，三角形将完全绿色. This is the best time for maximum exposure to that asset. 在相反的条件下，三角形将是空白的(没有绿色)，表示时间避开该资产. Most of the time, however, signals are mixed, meaning marginal positioning toward/away from target weights may be appropriate, but big bets are to be avoided. That said, each factor tends to have impact over different time periods. Sentiment, for example, moves very quickly and, as such, 是用来确认动量的中期信号和估值的长期信号的短期信号吗.

• MANAGE
  RISKS DYNAMICALLY

  我们相信，为了适应不断变化的全球市场，风险能够而且必须得到管理. Angeles的风险框架利用复杂的分析工具和经验丰富的判断来监测和管理经理/基金的风险, asset class, and total portfolio level.

LEVELS OF RISK

• MANAGER/FUND

  • Tracking Error
  • Fundamental
  • Business
  • Concentration
  • Counterparty
  • Headline

• ASSET CLASS

  • Tracking Error
  • Covariance
  • Relative Exposures:
    
    Geography, Currency, Sector, Credit Quality, Style, Duration, Maturity

• TOTAL PORTFOLIO

  • Volatility
  • Fundamental
  • Shortfall
  • Covariance
  • Liquidity