BOUTIQUE INVESTMENT MANAGER

A Standard
of Performance
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Welcome to Rubrics Asset Management

Rubrics Asset Management is an independent, boutique investment manager, specialising in providing innovative fixed income strategies for institutional and private clients. Our client base includes asset managers, fund-of-funds, high net worth individuals, charities and endowments.

Founded in 2001, Rubrics Asset Management offers a range of diversified and actively managed portfolios that aim to capture a variety of risk profiles and return generators. We believe that the changing interest rate environment has introduced a number of key risks for investors that necessitate a more actively managed approach. Therefore, our portfolios are not constrained by benchmarks, so our investment team are able to focus on areas of the market that offer the most attractive, risk-adjusted returns.

Rubrics Asset Management utilises a number of strategies based around a focused, multi-factor, risk budgeting process, targeting performance and risk management across multiple market conditions. Our expertise and experience allows us to offer clients a blend of products that operate with a set of diverse risk and return characteristics.

The Reshaping of a Political and Economic Orthodoxy

Global bond yields are rising to the point that policymakers are justifiably panicking. But bond yields are the symptom, not the cause. This analysis lays out what that means for the next cycle: the choices that built the problem, the choices required to resolve it, and the new economic orthodoxy that will reshape the winners and losers of the next cycle.

Three forces lie behind this backdrop: fiscal policy that has become progressively less disciplined, an economic model increasingly reliant on asset appreciation and policy support, and a more fragmented international order adding to fiscal pressures. Many investors remain positioned for a continuation of the previous regime, leaving markets exposed to elevated concentration, weaker liquidity and valuations built for a world that may no longer exist.

The paper is in three parts: End of an Orthodoxy; The Mechanism of Regime Change; and What It Means for Markets.