When markets change fast, adaptability matters more than prediction

So, like others, it is a simple single line solution, low cost to get exposure to a broadly diversified portfolio available across multiple risk profiles. But where we differentiate ourselves is in the flexibility in her management, starting with her tactical asset allocation strategy, which gives us a lot of leeway to adjust the savings across and within asset classes. But also given the fact that we have access to the entire ETF investment universe thanks to our open architecture. And this allows us to react quickly and find the low cost, most effective ways to get exposure wanted. And in the world that is changing increasingly fast, I'm convinced that this flexibility is going to continue to be a substantial advantage. So, we don't try to predict the future. What we do instead is trying to rationally evaluate the balance of risks using economic scenarios, which we base reform using the expertise within national banks, but also externally with a vast network of research, and also using our own tools or quantitative models which translate a deep respect for the signals that markets are sending. And obviously beyond the day-to-day very tight monitoring of all their positions. Our team formally meets once a month to essentially review everything, scenarios, risk, performance, and evaluate the need to change our stance, which we typically do between once a month to once a quarter. So, there's really two things that make our strategy unique. The first one is our capacity to adapt. And what I mean by that is not only our strategy adapts, but also our investment process is continuously improving because history has shown us that what worked yesterday is not necessarily going to work tomorrow. So, we're always going to stay alert. And the second point is the absolute importance of portfolio construction because yes, we constantly look at the best opportunities, but we also spent a great deal of time studying how different strategies work with one another in order to get as smooth and persistent and diversified of an outperformance as we can reach. And that's the goal. So, we got multiple blocks of strategy that we can use across asset classes within equities, where we can adapt to geography, factors, sectors, styles, and thematics within fixed incomes. Well, where we can change credit exposure, duration exposure. There is room for alternative assets. We can even hedge a fixed exposure if need be. And the beauty of having so many levers to generate alpha is that we don't have to be right everywhere all at once. What we try to do instead is to be right overall as frequently as possible regardless of the market backdrop. And that all-weather approach is really our goal here. So, I think our team strikes a good balance between experience, which is essential, but also youth, which brings creativity, dynamism, which I think is essential. Now, what binds us all together is passion for financial markets, motivation to continuously look to, for ways to improve the process, to become more efficient. And in terms of values, I wouldn't highlight humility, which I think is really important because that's what allows us not to become complacent when things are going our way, but also allows us to adapt when we're facing the unexpected. And so that's why, again, humility is absolutely core to our team.