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Investment Strategy

Whitehelm Advisers spends considerable time focusing on the most important driver of returns for client portfolios, namely investment strategy

Whitehelm Advisers has been providing asset consulting and advisory services to institutional clients since 1996.  We build investment strategies for clients on a customised basis, driven by client investment beliefs and incorporating preferences on key considerations such as absolute risk, absolute performance, relative performance and liquidity risk.

Asset allocation is the biggest driver of absolute returns, typically delivering in the order of 85% of the total return outcome, with alpha (excess returns above benchmarks) generating the residual.  Given this, we spend a lot of time focusing on the state of the macro economy and the investment environment.  Our views and insights shape what we do with financial markets.  Please see our research on capital markets and our thought leadership articles.

Whitehelm Advisers have developed a proprietary mean variance optimisation model to help our clients identify an optimal set of Strategic Asset Allocations (SAAs) based on specific risk and return objectives.


To provide our clients with further insights into their portfolios, we augment the mean variance approach through the utilisation of tailored scenario analysis exploring both generic shocks (risk on and risk off) alongside very specific macro and or market environments that we see as plausible over the medium to long term.

Our Dynamic Asset Allocation (DAA) framework is bespoke and is used to assess our positioning in the risk cycle and whether our clients’ SAAs remain appropriate or whether the portfolio should be tilted for greater, or lesser exposure to specific market risks.

Our focus on asset allocation is not confined to the traditional approach of assessing asset classes independently.  Rather, to complement this, we have built customised risk factor models allowing for the analysis of client portfolios on a holistic basis, aggregating common risk factors across asset classes.