Market Commentary – 2022 Investment Outlook

2022 Investment Outlook

Our 2022 annual outlook summarises our views and insights on the key questions impacting our portfolios today.


After another tumultuous and volatile year, we think a good way to start this letter is to remind readers of our approach to investing, namely:

  1. We manage portfolios for the long term whilst protecting against a permanent loss of capital
  2. Time in the market rather than timing the market leads to the strongest long-term returns
  3. Only paying fees to those best-in-class managers and strategies where we believe there is a strong opportunity to generate outperformance net of fees against a suitable, low-cost, investable benchmark
  4. Biasing our portfolio to less liquid strategies in order to capture high and differentiating return drivers

To continue reading the report in full, please download the full PDF document below:

Annual Letter 2022

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