Investment Objective
The Trium Epynt Macro Fund is a discretionary global macro strategy with a focus on identifying and monetising macroeconomic and geopolitical trends. The Fund has flexibility to invest across fixed income, FX, commodities and equities, and pursues a global remit encompassing both developed and liquid emerging markets. The Fund targets annualised returns of 6-10%, with volatility of 6-10%, and a low correlation to traditional asset classes and the macro peer group.
Latest Meeting Note
Meeting 18 Apr 2023
The Trium Epynt Macro fund adopts a traditional thematic approach, focusing on identifying and monetising major macroeconomic and geopolitical trends. The fund is managed by Tom Roderick, a former partner and portfolio manager at Eclecti... Read more
The Trium Epynt Macro fund adopts a traditional thematic approach, focusing on identifying and monetising major macroeconomic and geopolitical trends. The fund is managed by Tom Roderick, a former partner and portfolio manager at Eclectica, who started his career as a trader and strategist with Brevan Howard. The strategy aims to achieve a 6-10% annualised target return, independent of the market environment, with volatility typically within a 6-10% range. The goal is to preserve capital when the thesis proves ill-timed or incorrect and generate meaningful gains when the macro view plays out. The strategy offers flexibility to invest across asset classes and geographies, including fixed income, FX, commodities, and equities, with a global remit encompassing both developed and liquid emerging markets. The portfolio typically consists of 3-5 themes (10-15 trade expressions), allowing for swift liquidation and repositioning. The portfolio is centred on long-term strategic views, with some themes persisting for months or even years. Idea generation involves formulating a high-level global macro view and identifying key themes by assessing the outlook for major global economic drivers, cyclical backdrops, policy themes, and geopolitical factors. These themes are then analysed to determine their potential impact on different asset classes. In-depth research is conducted using qualitative and quantitative inputs, including internally generated research, sell-side and independent sources, local market participants, and the portfolio manager's macro network. The goal is to identify the longest and strongest high-level macro themes, which may potentially persist for several years. Position sizes range from 5-60bp VaR and are determined based on alignment with the macro view, research conviction, short-term catalysts, correlation to the broader portfolio, and trading history. The strategy has been run within UCITS constraints as part of Trium's UCITS Multi-Strategy fund for over four years (since October 2018) and was recently launched as a standalone product.
Performance
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | 0.6 | 0.8 | 0.3 | 0.8 | 1.0 | 1.0 | 0.4 | 0.4 | 0.1 | 0.6 | 0.4 | 0.2 | 0.0 | |
2022 | 0.1 | 0.7 | 0.1 | 0.4 | 1.0 | 1.0 | 0.6 | 0.4 | 0.1 | 0.3 | 0.2 | 0.1 | 0.8 |