Multi-asset investing

Guided by developments in the macroeconomic environment, we aim to help investors generate long-term returns, while managing short-term risks through diversified multi-asset investments.


Drawing on the fiduciary service’s investment team for pension schemes, this strategy uses these same proven skills and capabilities in asset allocation, stock selection and derivatives management.

The long-only strategy is built on our four key investment pillars of:

We seek to diversify across a range of asset classes, individual positions and return drivers in order to reduce the risk of not meeting the investment objective.

Asset rotation
We will make substantial use of rotation, whether this is in asset allocation or the selection of alpha strategies, in pursuit of added value and improvement of the stability of return relative to the objective.

Hedging risks that don't reward adequately
We will seek, where it is cost effective to do so, to hedge risks where we expect risk to be disproportionately high compared to the expected return and/or its credibility.

Appropriate use of active management
We will make use of active management within markets or segments of markets where we believe it offers meaningful added value, and/or the active strategy materially improves the likelihood of meeting the objective through a significant reduction in risk to the strategy.


You can access our alternative macro investment strategy through the ES R&M Dynamic Asset Allocation Fund.



Asset Class


Fund name and share class



Key information

Investment team

Latest perspectives

Seeing the wood for the trees

Seeing the wood for the ...

Article 31 May, 2022

By investing in companies undergoing positive change (in line with our sustainability and investment philosophy),…

3 min read

The Fog of War – Avoiding System 1 thinking

The Fog of War – ...

Article 30 May, 2022

In Daniel Kahneman’s classic behavioural finance book “Thinking, Fast and Slow” (2011) he describes two…

7 min read

February 2022 commentary – James Sym

February 2022 commentary – James ...

Article 11 March, 2022

James Sym, portfolio manager of the ES R&M European Fund, takes a look at the…

4 min read

ESG investing – the right way?

ESG investing – the right ...

Article 4 March, 2022

Everyone is talking about ESG in 2022. But is the current approach fit for purpose?

3 min read