Let volatility decide whether momentum or value should lead.

RAS-D optimizes a momentum sub-strategy and a value sub-strategy separately, then allocates between them according to the prevailing volatility regime.

Allocates between: Timber REITs, commodity indices, gold, TIPS and cash
Rebalances: Monthly
Structure: Momentum-optimized and value-optimized sub-strategies
Blend rule: Market volatility: high volatility tilts toward value, low toward momentum
Available as: A separate account, in TAMP format, as a commingled vehicle, or white-labeled

Why the volatility regime governs the mix

Momentum and value fail at different times, and they fail in a fairly predictable pattern. Momentum does its worst work at turning points, which cluster in high-volatility regimes. Value spends quiet markets early and wrong. Using observed volatility to set the mix lets each approach lead where it has historically been strongest.

Common questions

Why include timber REITs?

Timber is a real asset with a different inflation transmission mechanism from energy or metals, which is what makes it useful in the diversified version.

Which of the two real-assets strategies should we look at?

The focused version if you want the tighter commodity, gold and TIPS expression. The diversified version if you want the broader real-asset set and the volatility-driven blend. Details on both are available on request.

Important. Nothing on this page is an offer to buy or sell any security or financial instrument, or a recommendation that any strategy is suitable for any particular investor. Strategies described may not be available to, or appropriate for, all investors, and not all strategies are appropriate at all times. The value of investments can fall as well as rise. Past performance is not necessarily a guide to future performance. Independent advice should be sought in all cases.

Other strategies

How this one sits alongside the rest.

Inflation strategy

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.

Dynamic multi-asset

Four 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.

Real assets, focused

Focused 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.

Defend Your Money.

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