Investment Philosophy

  • Investment policy must be driven by understanding, theory and causality … not “black boxes.”
  • The world is our oyster, requiring a “big picture”, global macro perspective.
  • Primary focus on risk:  “Look after risk, and opportunity mostly looks after itself”. An active, tactical approach required.
  • Risk budgeting: “Risk is useful … but, at the right price”.
  • Broad diversification: An objective of achieving portfolio stability throughout all investment climates.
  • No “extreme positions.” Protect against “over-confidence” and single security risk.
  • Cost minimization:  “Easier to control costs than markets.” Our objective therefore is low turn-over and low transaction costs.
  • Long-term core approach: Steady growth through “minimization of downside risk” and avoidance of temporary fads and crowd behaviours.

Why Shift Portfolios Tactically?

Market asset prices and investor sentiment are not always aligned with underlying fundamentals or future expectations, resulting in conditions of over- and under-valuation. Additionally, markets and economies go through different seasons and secular eras. This contributes to both opportunity as well as imperatives for caution. Based on proprietary relative risk and return forecasts, HAHN actively shifts and tacks portfolio asset exposures to take advantage of well priced opportunities and avoid pronounced risk. In other words, buy risk when it’s cheap and sell risk when it’s expensive.

What are Asset Types?

HAHN defines an asset type as any investment class, sector or security from around the world that can be identified as having a sufficiently unique set of drivers to qualify it as a distinct portfolio building block. HAHN strategically selects from more than 60 distinct asset types to build globally diversified ETF Portfolios.

Why go Global?

The more global the perspective and the research process, the more opportunities may be identified for both returns as well as risk reduction. In fact, given today’s advanced stage of both globalization and globalism, there is no longer any such thing as a domestic securities investment. Increasingly, the determinants of return are globally connected. A global perspective is necessary in all investment decisions.


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