Risk Management
Risk Framework
Risk is defined ex-ante through scenarii analysis and predefined loss tolerances.
Risk is assessed across market, liquidity, and operational dimensions, with particular attention on how these interact and compound under stress.
Risk is managed at the portfolio level, where interactions and non-linearities determine outcomes.
Distribution & Interactions
We do not rely on point estimates. We work with distributions. Positions are analyzed in combination, particularly under stressed conditions, where concentration, correlation shifts, liquidity constraints, and convexity can materially reshape portfolio outcomes.
Robustness
Risk is not a number to be minimized, but a structure to be understood.
Portfolios are built to remain resilient across adverse and dislocated conditions.
Robustness is achieved through disciplined sizing, diversification, and continuous reassessment of how the portfolio behaves when assumptions break down.
"Models inform decisions; they do not make them."
