Portfolio Implementation
Translation of macroeconomic views into portfolio positioning across global asset classes using proprietary capital and third-party managed accounts.
Macro views are expressed through portfolios rather than isolated trade ideas. The focus is on positioning across economic regimes, not short-term forecasting. Implementation is guided by three core principles:
- Regime awareness: positioning reflects the prevailing macro regime defined by growth, inflation, policy, and liquidity dynamics.
- Risk-first construction: position sizing, gross exposure, and diversification are adapted to macro uncertainty and volatility conditions.
Feedback and iteration: portfolio outcomes inform ongoing refinement of assumptions, signals, and execution rules.
The goal is to ensure that macro analysis is continuously tested against market reality.
Portfolio implementation has focused on highly liquid global markets, including:
- Rates (developed-market government bond futures and yield-curve expressions)
- Equity indices (developed markets)
- Currencies (G5 and major crosses)
- Commodities (energy and precious metals)
Instruments used are futures, selected for liquidity, transparency, and execution efficiency. Portfolios are constructed to express both directional macro views and relative-value opportunities across asset classes.
Proprietary Capital
The macro investment framework has been implemented using proprietary trading capital, allowing full discretion over positioning, execution timing, and risk management. This environment provides direct exposure to the psychological and operational realities of trading through drawdowns, regime transitions, and changing liquidity conditions.
Third-Party Managed Accounts
The framework has also been applied through seperate managed accounts under discretionary arrangements. This context reinforces discipline around execution, reporting, and risk oversight, while aligning portfolio decisions with external accountability.
External Accountability and Process Validation
Portfolio implementation has been conducted under multiple accountability environments, combining proprietary capital with externally overseen discretionary arrangements. These environments impose discipline around execution, risk controls, reporting standards, and behavioural consistency, reinforcing a process-driven approach to macro investing. Independent monitoring and third-party oversight are considered integral components of the implementation framework and are incorporated as the strategy evolves and scales.
Risk management is embedded at the portfolio level rather than treated as an afterthought. Key elements include:
- Explicit limits on portfolio volatility and drawdowns
- Regime-dependent position sizing
- Continuous monitoring of correlation and concentration risks
- Ongoing reassessment of macro assumptions when market behaviour diverges from expectations
The objective is not to eliminate drawdowns, but to ensure losses remain controlled, understood, and consistent with the underlying macro thesis.