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Multi Asset Navigator

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Fund Overview

Unigestion’s Multi Asset Navigator aims to deliver smooth returns of cash + 5% gross of fees across all market conditions over a 3-year rolling period. It seeks to achieve this by capturing the upside during “bull” markets while protecting capital during market downturns.

Our Edge

  • Enhanced diversification, delivered through a large universe of traditional and alternative risk premia, which we achieve with an allocation based on macro regimes
  • Dynamic risk management, as we believe risk is multi-dimensional and more than just realised volatility

Investment Process

The fund adopts a three-step approach to navigating varying market conditions: strategic allocation, dynamic allocation and opportunistic allocation.

Our long-term, strategic allocation is anchored around strong macroeconomic analysis, which has shown that the economic cycle can be split into four macro regimes: steady growth, recession, inflation shock and market stress. In our view, the behaviour of assets can be linked to different macro conditions and we aim to build a portfolio that is balanced across these four regimes. In addition, we believe there is an increased need for new sources of returns beyond traditional assets given today’s low yield environment, therefore we have expanded the investment universe into the alternative space to provide extra diversification

We supplement this first stage with a short to mid-term dynamic allocation strategy that seeks to adapt the portfolio to ever-changing economic and market conditions. It is based on proprietary indicators, called “nowcasters”, which assess conditions in real time and systematically adjust the portfolio’s asset allocation. Rather than relying on a purely quantitative system to perfectly assess forward-looking risks, we complement this approach with qualitative analysis to determine relative value across and within asset classes.

Finally, the opportunistic allocation of the investment process aims to generate investment ideas outside the strategic and dynamic universe. These ideas should be either idiosyncratic opportunities, with low correlation to the rest of the portfolio and low directional market exposure, or absolute return in nature, with limited downside.

Navigator: Strategy Snapshot

Jerome Teiletche, Unigestion’s Head of Cross Asset Solutions, discusses why Multi Asset Navigator is well suited to the current challenging market environment and highlights the key drivers behind its investment strategy.

Strategic Allocation

Dynamic & Opportunistic Allocation

Nowcasters Qualitative Views Dynamic Risk Targeting Opportunistic Trades

Navigator

Literature & Insight

Multi Asset Navigator team’s latest views on market developments as well as their monthly investment commentaries and in-depth thought leadership papers.

MiViews Q1 2018: Normalisation is coming – keep calm and carry on

Olivier Marciot, Multi Asset Portfolio Manager at Unigestion, provides his team’s macroeconomic views for the coming months. He reveals why they believe the overlooked inflation story is set to make a comeback this year and central bank accommodation will shrink globally.

Team

The Team behind Multi Asset Navigator

Unigestion’s team brings together a combination of skills, including experience in managing sophisticated single and multi asset portfolios, as well as strategies in alternative risk premia. This combined heritage from both traditional and alternative investments underscores the team’s ability to build a portfolio that draws from the widest spectrum of risk premia.

Jerome Teiletche

Jerome Teiletche

Head of Cross Asset Solutions
Guilhem Savry

Guilhem Savry

Head of Global Macro & Dynamic Asset Allocation
Olivier Blin

Olivier Blin

Head of Systematic Strategies
Florian Ielpo

Florian Ielpo

Head of Macro Research

Olivier Marciot

Portfolio Manager
Jeremy-Gatto

Jeremy Gatto

Portfolio Manager
Joan Lee

Joan Lee

Portfolio Manager
Eugenio Rodriguez

Eugenio Rodriguez

Portfolio Manager

Key Fund Information

Uni-Global - Cross Asset Navigator

Aum

USD 210.5m

Launch Date

15 Dec 2014

Fund Structure

UCITS

Main Share Class

LU1132139657

Liquidity

Daily
As at 29.03.2018