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Selector shines spotlight on global macro's biggest challenge

Selector shines spotlight on global macro's biggest challenge

In a world of ever-changing political and economic disruptions, it’s hard to know where to allocate.

In this edition of 'Selector Snapshot', one investment professional reveals the tips and tricks for successfully positioning in the global macro sector.

Selector: Guilherme Cardoso

Company: Millennium BCP

Our main line of business is discretionary management, in which we have broadly five different risk profiles and use predominantly third-party funds.

In this environment where we feed the mandates with both fund selection and especially asset allocation, macro strategies can be a little challenging.

Nonetheless, we invest in the asset class as a form of diversification in risk-on markets, fully aware that we shouldn’t rely on it to significantly diversify during risk-off periods.

With this view, we tend to favour more aggressive managers than capital preservation type of managers where agility combined with the use of relative value trades are a plus, and keep the more diversifying parts of the portfolio to other asset classes.

Nonetheless, it is worth mentioning that there are strategies with capital protection goals but it’s just not the way we utilise them.

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