At a certain point, we believe excess return generation and assets under management become inversely related; as the latter grows, it begins to diminish the investable universe.
We believe managing concentrated portfolios is necessary in order to increase the probability of relative outperformance.
Higher assets under management limit the ability to invest in concentrated portfolios and reduce the likelihood of producing excess returns.
Lower credit quality bonds offer higher expected excess returns.
Higher levels of assets limit our ability to effectively execute on less liquid credit strategies.
For information on Aperture Funds (40 Act), please click here.
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