Our recommendations are driven by fit, purpose, and the role each strategy is meant to play.
Selection looks past recent performance to the things that tend to persist: a repeatable process, alignment between the manager's incentives and yours, sensible costs, and durability through difficult markets.
We also respect the limits of selection itself. In highly efficient markets we are comfortable recommending low-cost passive exposure; where skill is demonstrable and accessible, we pursue it. The honest answer differs by asset class, and we tell you which is which.
Oversight does not end at selection. Managers are monitored on the same criteria that put them in the portfolio, and a manager that stops earning its place can be replaced without disturbing the rest of your plan.
