RISK & GOVERNANCE

Risk is not a number. It is a responsibility.

We consider the likelihood, magnitude and consequence of loss in the context of what each portfolio is meant to achieve.

A practical risk framework

Diversification matters, but it is only the beginning. We also consider liquidity, concentration, valuation, drawdown exposure, implementation risk and the reliability of underlying assumptions.

Portfolio limits

Clear allocation ranges help prevent short-term market narratives from quietly redefining the portfolio.

Ongoing oversight

Regular review focuses on material changes in investments, markets and client circumstances.

Documented decisions

A consistent record of objectives and actions supports accountability and continuity.

Investment committee reviewing portfolio risk

RISK IN CONTEXT

The most important risk is failing to meet the purpose assigned to the capital.

We evaluate risk across multiple dimensions: permanent loss, concentration, liquidity, inflation, sequence of returns, implementation and governance.

This broader lens helps distinguish acceptable uncertainty from exposure that could compromise an obligation. It also creates a more useful basis for decisions during periods of market stress.

A governance rhythm designed to support better decisions.

Mandate and limitsPortfolio monitoringScenario reviewDocumented actionClient communication