Mean reversion: We believe that over the long run, markets provide returns that match their risks. This allows us to identify the fundamental value of each market and determine the attractiveness of different asset classes and currencies. Our strategy is based on the belief that asset class returns are partly predictable and prices tend to revert to a fair value over time. 

Long investment horizon: Our long-term investment horizon allows us to weather short-term market volatility. With consistent long-term beliefs and a strong understanding of what to expect through market cycles, we can maximise returns in the long run, even if we face short-term losses.

Independent governance and risk management: We operate within risk limits set by our Board, with regular oversight by the Investment Committee. Our operational independence allows us to make purely commercial investment decisions and adjust our asset allocation to suit the Fund’s long-term goals. For example, during the Global Financial Crisis, our long-term horizon enabled us to buy cheaper equities and sell them later at higher prices.