Capital Markets Investment Programs

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.

Global Diversified 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. 

Global Active Program

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:

  • research-driven equity, fixed income and credit portfolios seeking to generate strong absolute returns;
  • equity investments in high-quality public companies with sustainable competitive advantages and strong balance sheets, which we believe will provide attractive long-term returns; and
  • income-oriented portfolios of public and private credit investments, to create stable income and enhance diversification. 

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.