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multi-asset

Multi-Asset

Flexible and dynamic global investing

High-conviction, actively-managed multi-asset solutions for an evolving market.

We identify opportunities across fixed income and equity, adhering to a disciplined research-driven approach tailored to each asset class and focused on the potential for risk-adjusted outperformance in concentrated, diversified strategies.

 

We incorporate equity by taking a comprehensive view of value that spans wide-ranging metrics we use to determine whether or not a security is priced appropriately, relative to other prospects.  We assess fixed income through intensive credit research, investing only when the risk/reward tradeoff appears tilted decidedly in the shareholder’s favor.

Investment Income Builder

A highly active and flexible approach allows us to go anywhere in the world to seek income.  The portfolio is global, diversified, and multi-asset built with income-producing stocks and bonds that seeks to deliver an attractive and growing income stream.   We apply a rigorous, bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.

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$11B Global flexible income

client assets

The Investment Income Builder Strategy employs bottom-up fundamental analysis to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time. Highly active and benchmark agnostic, the strategy’s flexible approach allows it to invest in both stocks and bonds anywhere in the world when searching for compelling income opportunities. Under normal conditions, the portfolio invests at least 80% of assets in income-producing securities, including at least 50% of assets in common stock.

A Different Approach to Asset Allocation

Most strategic and tactical asset allocations have their foundations in decades of capital market expectations for return and risk. Those strategies seek to forecast changing market/economic conditions from macroeconomic perspective. When put into practice, this can often result in client portfolios with allocations to dozens of asset categories and small over/under weighting positions with little effect to the return and risk profile for the investor. We think there is a better way.  Our bottom-up fundamental research, a macroeconomic perspective and factor insights inform our global, multi-asset perspective.  Using broad categories of equity, fixed income and commodities, we build portfolios to deliver attractive real returns across various market environments and with lower overall volatility.

Summit Fund

Many investors are looking to grow assets over time through a mix of capital appreciation and current income intended to exceed the rate of inflation. Bottom-up fundamental research, a macroeconomic perspective and factor insights inform the construction of a global, multi-asset portfolio – using equity, fixed income and commodities – designed to deliver attractive real returns across various market environments and with lower overall volatility.

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The Multi-Asset Strategy is a global, diversified multi-asset strategy that seeks to grow assets over time through a mix of capital appreciation and current income that is intended to exceed the rate of inflation. The strategy applies a dynamic asset allocation, bottom-up fundamental research, a macroeconomic perspective and factor insights to construct a global, multi-asset portfolio designed to deliver attractive real returns across various market environments with lower volatility.

Latest Insights
Investor Insights: Tariffs, Stagflation, Housing, and the Fed
Markets & Economy

Investor Insights: Tariffs, Stagflation, Housing, and the Fed

As client portfolio managers, we have a unique perspective on what's top of mind for investors.
Orange spiral staircase
Global Equity

Mid-Year Global Equity Outlook: Diminishing U.S. Exceptionalism Leads to Non-U.S. Opportunities

2025 has been full of surprises all over the world, which makes our thoughts at the beginning of the year, including opportunities and risks outside of the U.S. compared to the U.S., relative value opportunities across the globe, and AI’s capital intensity, that much more relevant.
Outlook

Mid-Year Fixed Income Outlook: Uncertainty Yields Tight Credit Spreads

Our observations at the beginning of the year included several fixed income themes that investors have had to navigate, including the impact of politics on economics and markets, and balancing the search for yield against being fairly compensated for risk.
Looking along desert towards the business district
Markets & Economy

Investment Perspectives from the Road: The UAE

Our investment professionals travel the world to evaluate global markets and unearth the most optimal ideas. Josh Rubin recently visited the United Arab Emirates (UAE), and here are his perspectives.
3D miniature Downtown of Los Angeles in spot light. Real Estate concept. 3D rendering.
Fixed Income

Investor Update: A Potential Reprieve for the Municipal Bond Tax Exemption

We provide an update on the developments surrounding the municipal bond tax exemption in a fast-moving environment.
Man looks out at a beautiful view from a conference room
Markets & Economy

FOMC Update: Fiscal Challenges Taking a Back Seat to Geopolitical Risks

Christian Hoffmann, CFA, Head of Fixed Income, shares his perspective on the Fed’s stance and the potential impact of monetary policy.