机构投资组合管理

我们管理复杂的有纪律的框架, global 定制的 portfolios monitored by robust risk management tools lies at the heart of what we do for clients.

• 我们的哲学

  Managing portfolios invested in dynamic and evolving markets is both an art and a science. It is important to define foundational tenets which underpin beliefs and sound decision-making. 这些原则还为项目组合管理过程提供了一个框架, 从而增加了成功结果的可重复性.

• • 我们相信，一个经验丰富、技术精湛的团队遵循纪律, 严格的投资流程可以识别和捕捉市场机会.
  • 我们相信市场状况是动态的, 要求熟练的管理人员适应并利用机会.
  • We believe that structuring portfolios with high conviction opportunities is necessary to capture long term excess returns.
  • We believe that most attractive investment opportunities are not scalable and are capacity constrained.

• 我们的流程

  Angeles has developed a proprietary portfolio management framework, refined over years of experience. 这个框架为我们的工作奠定了一个健全的有纪律的过程, 但也提供了在市场条件下反映yabo亚博网站登录首页最佳想法的空间. 结果是, 我们相信，对可重复的结果有更高的信心, 耐用性，经得起市场冲击, 并随着时间的推移达到客户的目标.

设计. 识别. 构造. 管理.

• 设计 定制的政策

  对于每个客户端, 我们进行深入的讨论和分析的迭代过程, resulting in a 定制的 investment strategy which we believe will meet their objectives and constraints.

• 识别
  高阿尔法值的经理

• • 经理人的选择对投资组合的绩效有重大影响, 投资者正是通过基金经理进入全球市场的. Angeles has intentional views on the types of managers and strategies that best fit in our clients’ portfolios. We seek active managers for whom we have a high conviction in their ability to deliver alpha in inefficient market sectors.
  • 在yabo亚博网站登录首页, being "right-sized" is intentional and brings a competitive advantage in manager selection. 我们有规模来加强我们的谈判地位, meet higher minimums and maintain depth of research resources; yet, 我们保持敏捷，能够利用利基高alpha, 容量受到限制的策略.
  • 独特的采购依赖于专有的管理器数据库和外联, 以及安吉利斯正在进行的经理培养. 我们的创始人从研究过程的一开始就参与其中. 一旦确定了, Angeles invests an extraordinary amount of resources to evaluate and perform in-depth due diligence.
  • Once approved, negotiations on terms and sizing allocations completes the selection process.

• 构造
  投资组合

  We turn the traditional portfolio construction process on its head and start by building a portfolio with what we believe are the most exceptional investment managers, 无论资产类别如何. 下一个, rather than reflexively completing each 资产类别 allocation with mediocre active managers, 我们通过低费用被动投资工具实现资产配置目标. 这些被动工具也为再平衡和转型带来了宝贵的灵活性.

• 重要的是，随着投资组合的形成，我们研究了三个关键因素的风险敞口:

  • 动量，有助于把握时机.
  • 估值，它提供了方向性指标.
  • 情绪，反映当前的“感觉”，通常是一个反向指标.

  
  The illustration below depicts the visual relationship between these three factors and describes how they influence our portfolio positioning.

• • 动力
    (高)
  • 估值
    (低)
  • 情绪
    (差)

• This is a high-level illustration that helps guide our relative positioning among 资产类别es by identifying three key factors: momentum, 估值及人气. The triangle will be fully green when momentum is high, valuation is low and sentiment is poor. 这是最大限度地投资该资产的最佳时机. The triangle will be blank (no green) under opposite conditions, signaling time to avoid that asset. 大多数时候, 然而, 信号混杂, 这意味着靠近/远离目标权重的边缘位置可能是合适的, 但要避免下大赌注. 也就是说，每个因素往往在不同的时期产生影响. 情绪, 例如, 动作非常快, 像这样, is a short-term signal that is used to confirm the medium-term signal of momentum and the longer-term signal of valuation.

• 管理
  动态风险

  We believe risk can and must be managed in order to adapt to the dynamic global marketplace. Angeles’ risk framework utilizes sophisticated analytical tools and seasoned judgment to monitor and manage risk at the manager/fund, 资产类别, 总的投资组合水平.

风险等级

• 经理/基金

  • 跟踪误差
  • 基本
  • 业务
  • 浓度
  • 交易对手
  • 标题

• 资产类别

  • 跟踪误差
  • 协方差
  • 相对风险:
    
    地理、货币、行业、信用质量、类型、期限、期限

• 总投资组合

  • 波动
  • 基本
  • 缺口
  • 协方差
  • 流动性