The only firm that treats inflation as a specialty, not a chapter.
Enduring Investments provides inflation-focused investment management, portfolio advice, and structured solutions to institutions, family offices, and individuals who understand that inflation risk is not optional. It is the default.
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Forty years of dormant inflation created a generation of portfolios built for a world that no longer exists.
After 1982, inflation steadily improved for nearly forty years. After 1993, annual core inflation did not exceed 3% until 2021. Inflation was low and steady enough that ignoring it was a defensible strategy. That era is over. Demographic reversal, deglobalization, and structural fiscal pressures mean inflation will be more persistent and more volatile than the models most allocators rely on were built to handle.
Most investment managers treat inflation as a secondary concern: a factor in a factor model, a line in a risk report. We have spent our careers thinking about nothing else.
"Investors consciously decide to take equity or interest rate risk. But they are born with inflation risk. It requires an active effort to avoid it."
Ways to hold inflation risk deliberately.
We run systematic inflation-resistant strategies and build bespoke mandates around them. Below are several of the strategies we manage; each can be delivered as a separate account, a commingled vehicle, a TAMP strategy, through 40 Act subadvisory, or white-labeled under your own brand.
Where an exposure does not fit any of them, we build against it directly.
US CPI Tracking Strategy
Most inflation protection asks you to accept commodity-scale volatility to get CPI sensitivity. This strategy was built to remove that trade-off, and has been run against monthly CPI for five years.
Read moreFour Real Dynamic Multi-Asset
Four Real allocates across equities, inflation-linked bonds, commodities and cash using two durable signals: a real yield tilt and a relative-value tilt.
Read moreFocused Real Assets (RAS-F)
RAS-F rebalances monthly across commodity indices, gold, TIPS and cash. Momentum screens out asset classes that are falling; proprietary value measures size what remains.
Read moreDiversified Real Assets (RAS-D)
RAS-D optimizes a momentum sub-strategy and a value sub-strategy separately, then allocates between them according to the prevailing volatility regime.
Read moreThree types of clients. One area of expertise.
Each of them arrives with a different version of the same problem. See how we work with each.
Institutions
- Pension funds with liability-driven inflation exposure
- Insurance companies with long-tail CPI linkages
- Endowments reassessing real return assumptions
- Corporate treasuries with commodity or wage exposure
- Advice, custom hedges, white-label strategies, 40 Act subadvisory
Family offices
- Multigenerational portfolios with real purchasing-power goals
- Income beneficiary / remainderman conflict resolution
- Outside expert for investment committee
- Bespoke inflation education for family stakeholders
- Separate account management or co-investment structures
Individuals
- Comprehensive wealth management with inflation as the organizing principle
- Liability-matching approach borrowed from institutional practice
- Systematic inflation-resistant strategies as portfolio components
- Full transparency; no lock-ins on separate accounts
- Fee-conscious implementation
Education. Advice. Management. In whatever combination you need.
Education
We deliver training to investment committees, boards, and family stakeholders, from introductory inflation literacy to technical deep-dives on inflation derivatives and TIPS mechanics. We serve as an expert resource for the clients of our clients.
Advice
One-off, periodic, or ongoing. We evaluate existing strategies for inflation-sensitivity, advise on portfolio construction in inflationary regimes, and sit on investment committees as an outside inflation specialist. Engagements can be scoped as projects or structured as retainers.
Management
Separate accounts, commingled vehicles, and 40 Act subadvisory. We manage systematic inflation-resistant strategies and can develop bespoke mandates. White-label licensing is available. Full position transparency at all times.
Innovation
We have engineered solutions for exposures most managers cannot diagnose: Dutch wage inflation, Québécois retiree inflation, synthetic CPI option-like payoffs. If your exposure is unusual, we can decompose it into its inflation-space components and build accordingly.
Michael Ashton founded Enduring Investments in 2008 after a career spent at the center of inflation markets. He traded the first interbank U.S. inflation swaps and served as the sole market maker for the CPI futures contract, making him one of the few practitioners alive who built these markets from scratch.
He is the author of What's Wrong with Money? and Maestro, My Ass!, a frequent presence on television and radio, and the host of the Inflation Guy podcast. His research and commentary are followed by institutional allocators, central bank economists, and individual investors worldwide.
The Inflation Guy Podcast
Maestro, My Ass!
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Tell us briefly about your situation: the nature of your exposure, the type of engagement you have in mind, or simply that you would like to learn more. Michael answers every inquiry personally.
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