The vast majority of our Public Investments are managed by our Capital Markets group, which follows a disciplined investment approach focused absolute returns through a relentless focus on quality investments, diversification of holdings and a steady income stream to help smooth returns.
This approach is executed through the management of three distinct portfolios: the Global Diversified Program, the Global Active Program, and the Public Market Alternatives Program.
This multi-asset strategy is focused on achieving market returns over the long run. It is a globally-diversified portfolio including equities, government bonds, inflation-linked bonds, corporate credit and commodities.
This program includes actively managed equities, fixed income and credit portfolios. It is part of an organization-wide strategy to pursue returns through active investment management, and includes the following:
Public Market Alternatives Program
This program includes internally and externally managed funds, seeking to earn absolute returns irrespective of the direction of markets. It aims to have a low correlation to the rest of the portfolio, as it is not tied to general market returns, adding further diversification at the total portfolio level.