Our investment beliefs complement and underpin our endowments and act as a key driver of our investment decisions. 

These beliefs provide a clear statement about how we believe investment markets work. We've outlined them below. 

• Governance and investment objective: Clear governance and delegation promotes efficiency and accountability that is critical to the delivery of value add to the Fund.  

• Asset allocation:  

  • Asset allocation is the key investment decision.  

  • Investors with a long-term horizon can outperform more short-term focused investors over the long-run.  

• Total Portfolio Approach: TPA enables a flexible and dynamic approach to capital allocation, informed by what is best for the total portfolio and supported by a high degree of collaboration across the investment team.  

• Investment selection:  

  • Asset class expected returns are partly predictable; prices tend to revert to fair value over time.  

  • The ability to consistently generate value add from skill vs an appropriate benchmark (net of fees) is rare; where this ability exists, it is hard to access.  

  • Some markets or strategies exhibit persistent behavioural biases and incentive-driven market dynamics which create systematic inefficiencies that can be captured through disciplined investment strategies over the long term.  

• Sustainable investment: Sustainability considerations are fundamental to long-term risk and return. 

• Operational Alpha: Leveraging data and automation, alongside efficient mandate execution and cost discipline, generates operational alpha and strengthens long-term investment outcomes.  

• Link to endowments: We achieve the strongest portfolio outcomes in areas where our investment strategy is most closely aligned with our endowments.