diversified return

We manage a multi-strategy approach designed to conservatively grow investors’ capital while diversifying their portfolios.  The strategy’s risk-taking is grounded in the team’s credit-cycle framework.  Targeted use of derivatives, alternative return sources, and portfolio construction add value over basic asset allocation.

thoughts through the cyclE

Read the RWC ‘Thoughts through the cycle’ series for the latest insights from our team of fund managers

credit cycle framework

responding to the temperature in the market

1

Over-extended leverage

Low but rising market volatility

2

De-leveraging

Market volatility rises and stays high

3

Balance sheet repair

Market volatility subsides

4

Re-leveraging

Moderate market volatility

?

Lowest return expectations and choppy performance

Moderate net exposure

!

High return expectations but with widest range of outcomes

Minimum net exposure

High and most stable return expectations

Moderate net exposure

Moderating return expectations and volatility

Highest net exposure

1

Over-extended leverage

Low but rising market volatility

2

De-leveraging

Market volatility rises and stays high

3

Balance sheet repair

Market volatility subsides

4

Re-leveraging

Moderate market volatility

?

Lowest return expectations and choppy performance

Moderate net exposure

!

High return expectations but with widest range of outcomes

Minimum net exposure

High and most stable return expectations

Moderate net exposure

Moderating return expectations and volatility

Highest net exposure

1

Over-extended leverage

Low but rising market volatility

2

De-leveraging

Market volatility rises and stays high

3

Balance sheet repair

Market volatility subsides

4

Re-leveraging

Moderate market volatility

?

Lowest return expectations and choppy performance

Moderate net exposure

!

High return expectations but with widest range of outcomes

Minimum net exposure

High and most stable return expectations

Moderate net exposure

Moderating return expectations and volatility

Highest net exposure

RWC does not accept any liability (whether direct or indirect) arising from the reliance on or other use of the information contained in it. No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment.

diversified return at rwc partners

A focus on the credit cycle. The strategy is anchored around the credit cycle and aims to capture idiosyncratic returns across the full market cycle and exploit opportunities in periods of market dislocation.

Unconstrained yet uncomplicated. The portfolio is a set of coherently diversified investments, not basic asset allocation.  The team invests in clear explicable themes and not thousands of line items. The investment process is driven by the credit-cycle framework which guides risk taking and strategic positioning.

Harness alternative techniques. With the team’s wider expertise in derivatives and trading, the strategy has the ability to benefit from alternative sources of return including market stress. 

An experienced team. The team has a long history in the uncorrelated returns space with a deep understanding of cross-asset trade expression.  This is complemented by their expertise in portfolio construction and risk management.

TEAM

Clark Fenton

Clark joined RWC to manage the Diversified Return Fund which he began at Agilis Investment Management. He founded Agilis in 2017 and served until October 2019 as the CEO and CIO. He is the former co-Chief Investment Officer of Permal, a multi-manager alternative-investment firm. Clark joined Permal after its purchase, in March 2013, of Fauchier Partners, where he had been the Chief Executive Officer, responsible for business strategy and management. He also oversaw strategy allocation, manager selection and portfolio construction as a member of the Investment Committee. He joined the firm in 2003 to build its Risk Management function before becoming co-Chief Investment Officer in 2007. Previously, Clark worked at Morgan Stanley on the Equity Arbitrage desk within Equity Derivatives, trading special situations with hedge-fund clients. Prior to that, he helped manage the firm’s hedge-fund lending risk within the Prime Brokerage division. Clark began his career trading fixed-income securities for Montgomery Securities in San Francisco. Clark has a BA from Georgetown University’s School of Foreign Service and an MBA from the University of Michigan.

Charles Crowson

Charles joined RWC from Agilis Investment Management in October 2019 to continue managing the Diversified Return Fund.  He previously ran the London office of Mason Capital Management, where he worked for ten years. His role involved trading event and special situation strategies across equity, equity derivatives, credit, and fixed income. Prior to this he had trading roles at Elgin Capital and Tisbury Capital. Charles started his career in the equity derivatives department at JP Morgan. Charles has an MA in History from the University of Cambridge.

Praveen Kanakamedala

Prior to joining RWC, Praveen managed Operations, Risk and Compliance for Agilis. He was previously the Global Head of Risk Management and Chair of the Risk Committee at Permal from 2013 to 2015. Praveen was also a member of the Permal Risk, Compliance and Operations Committee and helped oversee the re-domiciliation of the firm’s US$ 9.4 billion single manager ICAV platform to Dublin. He was previously Head of Risk Management at Fauchier Partners between 2007 and 2013. Before Fauchier, Praveen was at Harris Alternatives, a Chicago-based investment firm, where he was responsible for building risk-management tools and hedging market risk in the portfolios. Praveen has an MS from Illinois Tech and an MBA from the University of Chicago.

team insights

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