机构投资组合管理

Our disciplined framework for managing complex, 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. 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.
  • 我们相信市场状况是动态的, requiring skilled managers to adapt to exploit opportunities.
  • 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. This framework grounds our work with a sound disciplined process, yet provides latitude to reflect Angeles’s best ideas given market conditions. 结果是, we believe there is a higher confidence in repeatable outcomes, 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, we engage in a deep iterative process of discussion and analysis, 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

• • Manager selection has a material impact on portfolio performance, as it is through managers that investors access global markets. 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. 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, 容量受到限制的策略.
  • Unique sourcing relies on a proprietary manager database and outreach, 以及安吉利斯正在进行的经理培养. Our founders are involved from the beginning of the research process. 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, 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:

  • 动量，有助于把握时机.
  • 估值，它提供了方向性指标.
  • 情绪, which offers current “feeling,” and often is a contrarian indicator.

  
  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. This is the best time for maximum exposure to that asset. 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, meaning marginal positioning toward/away from target weights may be appropriate, 但要避免下大赌注. That said, each factor tends to have impact over different time periods. 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:
    
    Geography, Currency, Sector, Credit Quality, Style, Duration, Maturity

• 总投资组合

  • 波动
  • 基本
  • 缺口
  • 协方差
  • 流动性