Two tilts, four assets, no forecast required.

Four Real allocates across equities, inflation-linked bonds, commodities and cash using two durable signals: a real yield tilt and a relative-value tilt.

Allocates between: Equities, inflation-linked bonds, commodities and cash
Driven by: A real yield tilt and a relative-value tilt
Available as: A separate account, in TAMP format, or as a commingled vehicle for larger institutions
History: Previously deployed as the CLS “Inflation Quad”; now offered exclusively by Enduring Investments

Why two tilts rather than a forecast

Most multi-asset inflation strategies depend, somewhere in the machinery, on a view about where inflation is going. Four Real does not. The real yield tilt asks what each asset class is being paid to bear inflation risk today. The relative-value tilt asks which of them is cheap against the others. Both are observable now.

That matters for governance as much as for returns. A strategy whose inputs are current market prices can be explained to an investment committee without asking anyone to underwrite a macro forecast, including ours.

The number that actually matters

Compound return is the headline, but for a strategy like this the more revealing measure is how closely it tracks inflation expectations. A real-asset sleeve only loosely correlated to inflation expectations is mostly doing something else, whatever it returned. Both measures are available on request.

Common questions

Is the track record live or simulated?

Live. Four Real has a long real-money history and was previously deployed as the CLS “Inflation Quad”. We will give you the exact record for whatever period you care about.

How can it be accessed?

As a separate account for individuals or institutions, in TAMP format, or as a commingled vehicle for larger mandates. The right structure depends on your size and your policy constraints. That is a conversation, not a menu.

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.

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.

Real assets, diversified

Diversified 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.

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