Lyxor / Bridgewater Core Global Macro

Investment Objective

The Lyxor/Bridgewater Core Global Macro Strategy is built upon a foundation of Bridgewater’s accumulated understanding of how to best time markets, capture risk premiums, and construct portfolios. The strategy combines 50/50 two Bridgewater’s flagship strategies (All Weather and Pure Alpha Major Markets) into a single, highly diversified, fundamental macro portfolio that trades over 50 liquid global markets and 5 asset classes following a systematic process.

Latest Meeting Note

Meeting 06 Feb 2020

Lyxor / Bridgewater Core Global Macro successfully launched in September 2019 (the largest UCITS launch of 2019). The strategy combines 50/50 two of Bridgewater’s flagship strategies (All Weather - AW and Pure Alpha Major Markets - PAMM)... Read more

Lyxor / Bridgewater Core Global Macro successfully launched in September 2019 (the largest UCITS launch of 2019). The strategy combines 50/50 two of Bridgewater’s flagship strategies (All Weather - AW and Pure Alpha Major Markets - PAMM) into a single, highly diversified, fundamental macro portfolio that trades over 50 liquid global markets and 5 asset classes following a systematic process. The AW portfolio aims to captures risk premium in markets by allocating to a set of assets that exhibit positive expected returns, while also maximizing diversification to neutralise exposure to changes in growth and inflation (the two primary divers of asset class returns according to Bridgewater) and geography. The PAMM portfolio combines long short and relative value active strategies to capture alpha opportunities. This is where the fund can potentially play a short-term tactical view. In fact, the fund’s gross exposure is largely a function of the opportunity set for the PAMM strategy and can be as high as 400% (gross exposure for the AW portfolio is typically stable at 100%). The strategy has a return target (gross of fees) in the high single digit region (over a full market cycle), with 9% expected volatility.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2019 1.0 0.3 0.5 0.8 0.1 0.8 0.5 0.7 0.5 0.8 0.9 0.8 0.4
2018 0.7 0.6 0.8 0.6 0.8 0.9 1.0 0.9 0.5 0.1 0.1 0.5 0.3

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Close Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.