A robust portfolio is not diversified across assets, but across macroeconomic regimes.
Independent advice on macro strategy and asset allocation for institutional investors. No products, no retrocessions, no conflicts of interest.
Independent advice on macro strategy and asset allocation for institutional investors. No products, no retrocessions, no conflicts of interest.
Markets behave differently across macroeconomic regimes: inflation or deflation, expansion or contraction, abundant or scarce liquidity. Most institutional portfolios are built for a single regime.
My work is to identify the current regime and the one we are heading into, and to translate that reading into concrete allocation decisions: strategic allocation, tactical positioning, stress scenarios. Top-down, from the macro to the portfolio.
That reading is confronted with decision discipline. This is the role of the investment committee — where I have spent most of my career, notably at UBS, Pictet & Cie, ETHENEA Independent Investors and AMINA Bank.
I write to clarify my thinking — and publish to submit it to criticism.
Monthly columns in French: full list on Allnews.
Yves Longchamp advises institutional investors on macroeconomic strategy, asset allocation and investment committee governance.
For more than twenty years, he has held senior positions in macro analysis and multi-asset management: senior economist at the Swiss National Bank, then economist and investment strategist at UBS Global Wealth Management and Pictet Wealth Management. At ETHENEA, he was Chief Economist and chaired the investment committee of the multi-asset funds. Most recently, he was Head of Research at AMINA Bank.
He publishes a monthly column on Allnews.ch. He works in French, German and English.
Based in Zurich, I work in French, German and English, in Switzerland and across Europe.