Allocation

Portfolio framework, risk budget and liquidity management – resilient across cycles.

Framework

We combine real assets, selective private markets and liquid markets. Liquidity is actively managed as a buffer and opportunity reserve.

Risk budget

Position sizes and exposures follow a central risk budget. Hedging is used to stabilize, not to speculate.

Illustrative bands

Indicative only (no commitment): real assets often form the core, complemented by private markets and liquid markets; liquidity varies with cycle and opportunity.