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How PineBridge Multi-Asset Navigates Markets
The current investing environment seems more unpredictable than at any time in recent memory. Yet market dislocations arising from these uncertainties represent a major opportunity for multi-asset managers with global reach and the ability to opportunistically select markets and underlying strategies.
1 As of 30 June 2024.
2 As of 30 June 2024. Investment professionals include portfolio managers, research analysts, traders, portfolio strategists and product specialists, and are subject to change. Includes investment professionals at the senior vice president and managing director level.
![Michael J. Kelly, CFA](/_next/image?url=https%3A%2F%2Fpinebridgeinvestments.bynder.com%2Fm%2F13fbf8d34d563b7b%2Foriginal%2FKelly-Mike.jpg&w=640&q=75)
If you’re in a communicative, collaborative firm like ours – in which colleagues can discuss differences of opinion, and can disagree without becoming disagreeable – you have a potential edge on the market,” says Global Head of Multi-Asset Michael Kelly.
Bringing it all together
Our network enables us to synthesize top-down views with bottom-up perspectives through active debate, which can thrive only when people know each other well and bring many different perspectives to the table. Our network and portfolios are global, with experienced specialists in EMEA, Latin America, the US, and a particularly strong base across Asia – where the world’s most significant changes are occurring.
![Deanne Nezas, CFA, FSA, MAAA](/_next/image?url=https%3A%2F%2Fpinebridgeinvestments.bynder.com%2Fm%2F6cd3dcb7819c2e7e%2Foriginal%2FNezas-Deanne.jpg&w=640&q=75)
PineBridge has demonstrated expertise across asset classes and regions, and Multi-Asset clients have access to that partnership and connectivity to our entire firm at no additional cost – that’s invaluable from their perspective,” says Portfolio Manager Deanne Nezas.
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Talk It Out
The Multi-Asset team sponsors 19 quarterly investment forums with specialist teams across the firm. These enable us to review and debate the issues affecting the progression of fundamentals over the next five years. The ways in which this period may differ from the past have an impact on cash flows and valuations – and thus on portfolio positioning.
![Hani Redha, CAIA](/_next/image?url=https%3A%2F%2Fpinebridgeinvestments.bynder.com%2Fm%2F747d794b07ad0b56%2Foriginal%2FRedha-Hani.jpg&w=640&q=75)
The Capital Market Line factors in data from all different channels and synthesizes those views into the most likely outcome for the cycle ahead,” says Portfolio Manager Hani Redha. “In the end, the Multi-Asset team makes the final decision on changes to the asset allocation.”
Multi-Asset Investment Process
For illustrative purposes only. We are not soliciting or recommending any action based on this material. Any views represent the opinion of the investment manager and are subject to change.
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Getting Selective
In contrast to short-term tactical traders who may react to every market event and shift in sentiment, we take a forward-looking view over an intermediate-term horizon, painting a picture of events for the next nine to 18 months.
![Sunny Ng, CFA](/_next/image?url=https%3A%2F%2Fpinebridgeinvestments.bynder.com%2Fm%2F3fd8b2ad46fdd3a6%2Foriginal%2FNg-Sunny.jpg&w=640&q=75)
As Portfolio Manager Sunny Ng points out, one investment theme – our “productivity basket” – resulted directly from interactions between our Multi-Asset and Equity teams. “We were hearing from a bottom-up perspective that businesses were finally beginning to reinvest after more than a decade of really low business investment and low confidence, and in speaking with our specialists, it was clear that companies were investing in technology to make their businesses more efficient and more productive.”
2 The CIO Industry Innovation Awards are split into two general categories: asset management/servicing and asset owners. The CIO editorial team makes the final decisions as to finalists and eventual winners with input from their awards Advisory Board, as well as surveys and data where applicable. Third-party rankings and recognition from rating services or publications are no guarantee of future investment success. Working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation.
Our forward-looking ESG approach
3 Among the studies discussing these themes is a Harvard working paper titled “Corporate Sustainability: First Evidence on Materiality,” published by Mozaffar Khan, George Serafeim, and Aaron Yoon in 2015.
![Michael J. Kelly, CFA](/_next/image?url=https%3A%2F%2Fpinebridgeinvestments.bynder.com%2Fm%2F13fbf8d34d563b7b%2Foriginal%2FKelly-Mike.jpg&w=640&q=75)
Our team has built ESG criteria into our manager selection and monitoring process, focusing on how managers select securities and engage with companies,” Kelly says.
Flexibility is key
“We go out of our way to be transparent and understandable to clients,” Kelly says. “We think the industry has a lot of heterogeneity in the way multi-asset strategies are delivered, which clients and consultants sometimes struggle to understand. When we speak to clients, they recognize that our alpha source comes primarily from opportunistically selecting about 10 to 15 high-conviction markets in a portfolio construct, and then secondarily, how we express this with a mix of underlying strategies.”