The key ideas behind our investment philosophy are:

• Asset preservation in difficult financial periods is our highest priority;
  
  
• Portfolio managers must be given sufficient flexibility (currency, duration, or asset class) to protect assets in times of market stress; 
  
  
• Managers have the responsibility to deliver real returns, independent of the relevant benchmark or asset class.  Benchmarks should not be used to mask poor performance or a lack of original thinking;
  
  
• Managers, not consultants or finance committees, should represent the first line of defense for a portfolio.