iM Global Partner

Thanks so much e-fundresearch.com for this interview with Mathias Mamou-Mani from our Partner DBi about how this boutique fund manager is shaking up the world of hedge funds. The publication says: "With its rules-based replication approach, DBi offers a reimagined approach to managed futures strategies – liquid, transparent, and significantly more affordable than traditional hedge fund solutions." Click below to read the article in German. #AssetManagement #Diversification #CTAs #ETFs #ManagedFutures #HedgeFunds

With increased volatility and uncertainty in the stock markets so far this year, many investors are looking for a safe haven. Is gold a good option? Our Partner Richard Bernstein Advisors recently addressed this subject with investors. RBA pointed out that gold has historically been a good hedge against uncertainty whether such uncertainty originates from inflation, policy, world conflict, or other sources. The chart below shows the relationship between the NFIB Small Business Uncertainty Index and gold’s 12-month return. As you can see, the recent mounting uncertainty has been a contributor to gold’s outperformance. RBA has long held a small proportion of their multi-asset portfolio in gold to guard against volatility and that is still the case. "If one believes that uncertainty will continue to grow, then gold might indeed be a suitable investment with strong return potential," said Richard Bernstein. He pointed out that, in times like these, it's more important than ever for investors to diversify their portfolios across sectors, asset classes, and regions. Read more of RBA's Insights here: https://lnkd.in/eqff87eU #gold

Keeping jazz alive for the next generation. At iMGP, we are committed to supporting culture and creativity, which is why we are proud to stand behind TSFJAZZ's initiative. Its program 'Nouvelle Scène', brings the next generation of jazz musicians to one of the most prestigious jazz stages in Paris: Duc des Lombards. In 2024, this remarkable initiative welcomed thousands of young people into the world of live jazz, hosting over 50 concerts. These performances not only introduce new listeners to jazz but also provide a vital stage for emerging artists. Among them is Daniel Migliosi, a prodigious trumpet player whose performance at Duc des Lombards embodied the energy and innovation that define the next wave of jazz. By making jazz more accessible and supporting the musicians who keep it alive, Vive le Jazz is shaping the future of the genre. We are honored to play a part in this journey! Learn more about our work with TSF Jazz here: https://lnkd.in/e7y9VceU #PeoplePerformance #jazz

A timely post from our Partner Richard Bernstein Advisors

Watch this video with Francesco Rustici and Régis Bégué from our Partner Zadig Asset Management to learn more about the new Eurozone equities fund they are managing. In December we launched the iMGP Euro Select Fund, this multi-cap fund of around 40 positions was designed to capture the best ideas of Zadig Asset Management. The Zadig team believes in truly active management and focuses on high-conviction investments and opportunistic stock picking with a style-neutral approach. The fund is built on a valuation-driven, bottom-up process and has balanced exposure to cyclical, growth, defensive and financial themes. Watch the video here: https://lnkd.in/ej6yNDQa #MarketingCommunication Fund’s legal documentation and summary of investors’ rights are available, in English, here: www.imgp.com. For information purposes only. Any investment involves some degree of risk.

Why are managed futures still such a small portion of hedge funds? This is surprising given that managed futures are one of the few strategies that have demonstrated low or no correlation to traditional asset classes like stocks and bonds. As Kenneth Lamont, principal of research at Morningstar, recently told the Financial Times: “Uncorrelated returns are the holy grail. That’s what everyone is looking for.” Most investors choose to buy alternative investments in the hope that they will improve their diversification. However, much of what is available still performs in line with traditional assets so doesn't provide the desired diversification benefits. Data from Morningstar Direct in the US* shows that the correlation of managed futures to the S&P 500 has been roughly zero for over 20 years. On the other hand, many widely used diversifying strategies actually have a high correlation with equities. This includes: real estate, event driven strategies, long-short hedge funds, multi-strategy hedge funds, macro trading, equity/precious metals and a broad basket of commodities. The only strategy besides managed futures that showed a negative correlation was Systematic Trend strategies. Now that BlackRock, Invesco, and Fidelity are expanding their presence in managed futures ETFs in the US this space is likely to grow. Andrew Beer, co-founder of our Partner DBi and a pioneer in the development of this industry said he was convinced the sector would expand significantly. A recent report by PwC (ETFs 2029: The path to $30 trillion) also found that 58% of survey respondents in Europe named Alternative Strategies as an area of high opportunity for product innovation. To learn more about Managed Futures click here: https://lnkd.in/eD-5Z2PA *Data from January 2019 to 31 December 2024. Past results are not indicative of future results.

Market Uncertainty: More Than Just Tariffs Uncertainty in the markets isn’t just about tariffs or political headlines, Richard Bernstein, CEO & CIO of Richard Bernstein Advisors, recently told CNBC’s Power Lunch. It’s about the broader range of unknowns impacting investor confidence. While trade policies make headlines, they’re just one piece of the puzzle. Earnings forecasts remain highly unpredictable, influenced by multiple factors: employment trends, regulatory changes, global economic shifts, and broader policy uncertainty. This lack of clarity leads investors to demand a higher risk premium, says Richard, which is reflected in current stock market valuations. Since the start of the year, the forward price/earnings ratio of the S&P 500 has fallen from 25 to 20, representing a 20% decline. Richard says investors are reassessing risk and seeking more transparency before making long-term commitments. At iMGP, this is where we believe active management can make a difference. In an environment where uncertainty drives greater volatility, a disciplined, research-driven approach is essential. We take pride in partnering with expert asset managers like RBA, who apply active strategies to identify opportunities, manage risks, and navigate shifting market conditions, rather than simply following the broader trend. Watch the full interview here: https://lnkd.in/dcjV-Wpm

Congratulations to Francesco Rustici from our Partner Zadig Asset Management who has been nominated the Fund Manager of the Month by RankiaPro. Well done to Francesco and all the team at Zadig including Régis Bégué, Vincent Steenman, Aurelien Favre and Pierre Philippon.

Past performance does not predict future returns. The SEI Liquid Alternative Fund, managed by our Partner DBi was recently featured in RankiaPro Magazine in Spain. In a special issue, the magazine asked 10 fund selectors to pick one strategy that they recommended for 2025 and explain what they liked about it. David Sánchez Sánchez, CAIA, CESGA, a fund selector from Santalucía Asset Management chose the SEI Liquid Alternative Fund (see page 41). "It is an absolute return strategy based on hedge fund replication, aiming to achieve profitability independent from the performance of traditional fixed-income and equity indices. To achieve this, the fund replicates 90% of the pre-fee returns of a diversified basket of hedge funds, providing daily liquidity, position transparency, and lower fees than hedge funds (it does not charge a performance fee, which is common in hedge funds) while employing an efficient trading strategy." Thanks Alberto Martinez Pelaez and Patricia Martín, our distribution team in Spain for all your hard work on this. Here's the link to the magazine (in Spanish): https://lnkd.in/dmHVxUYV

Can diversification and concentration coexist in the Credit Market? Absolutely! At iMGP, our boutique approach is all about partnering with specialized, high-quality asset managers who excel in their fields. Our Partner Polen Capital recently shared valuable insights in their video "Can Diversification and Concentration Coexist?". Portfolio Managers Dave Breazzano and Benjamin Santonelli dive into the balance between diversification and concentration. While many fixed income asset managers are broadly diversified, Polen Capital builds more concentrated portfolios of 70 to 90 issuers. This method isn’t about limiting exposure, it's about knowing what you own. At iMGP, we advocate for this approach where specialization, thorough research, and targeted selection drive performance. Whether in credit, equity, or alternatives, our network of expert Partners delivers tailored strategies with confidence and precision. To watch the full video, click here: https://lnkd.in/eveZG7p2