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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Plurimi Wealth's Global Macro fund declined 1.7% in March as Trump's 25% tariffs on Mexico and Canada, plus Chinese goods hikes, triggered trade war fears and market volatility. The managers view these tariffs as leverage tactics for better trade balances, expecting April rollbacks following concessions. They maintained equity allocation unchanged, focusing on resilient positioning through healthcare names like Eli Lilly, Roche, and Danone, plus defense beneficiaries Dassault Aviation and Kongsberg Gruppen driven by geopolitical tensions and rising global defense budgets. The fund maintains gold exposure via Franco-Nevada and Kinross while preferring TIPS over Treasuries, with 30-year real yields around 2% offering rare opportunity. Key risks center on inflation and stagflation if protectionist policies persist, rather than recession. The dollar weakened as tariffs shook confidence in U.S. economic stability. Looking ahead, they expect continued U.S. growth in 2025, meaning fewer Fed cuts than markets anticipate, while positioning for structural defense trends and inflation protection.
Multi-asset strategy combining macro allocation with risk management, maintaining defensive positioning through resilient healthcare and consumer staples holdings while capitalizing on structural defense spending trends and inflation protection via TIPS and gold exposure.
The manager expects continued U.S. economic growth in 2025, leading to fewer Fed rate cuts than market expectations. They anticipate tariff rollbacks in April following concessions, viewing current tariff policy as leverage strategy rather than permanent trade war. Inflation and stagflation are seen as primary risks if protectionist policies persist.
As of Mar 31, 2025
Patrick Armstrong, CFA, serves as Group Chief Investment Officer at Plurimi Wealth LLP and has managed Prosper Global Macro since its inception on June 11, 2014. He leads a team including Eugen Fostiak as Head of AI & Machine Learning and co-manager of discretionary strategies. The management team has received multiple industry awards including MEA Best Asset Manager and Best use of AI 2024, Citywire Best Small Firm 2024, Global 100 Awards 2019, HFM European Performance Awards 2016, and Institutional Alternative Awards 2016. Plurimi Wealth LLP is authorized by the FCA in the UK with additional regulated offices in Dubai and Monaco, providing international reach and regulatory compliance.
Prosper Global Macro implements a diversified multi-asset strategy combining top-down macro allocation with bottom-up risk management across stocks, bonds, cash, real estate, currencies and commodities. The objective is to beat inflation by +5% per annum over a market cycle within a maximum MVaR of 8%. The strategy integrates Artificial Intelligence into stock selection since 2019 and seeks to profit from changes in the global economy through flexible asset allocation. The fund dynamically allocates among equities, bonds, convertible bonds, money market instruments, and cash equivalents with over 20 years of collaboration between managers bringing institutional expertise.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
The fund holds 92 long positions with top 10 representing only 24.1% of the portfolio, indicating broad diversification. While the manager names specific holdings and provides thesis rationale for defense and healthcare positions, the diversified nature and lack of position sizing details caps conviction below moderate levels.
Growth Outlook
The manager acknowledges significant market volatility and trade war fears from Trump's tariffs but frames these as temporary leverage tactics with expected rollbacks in April. They maintain constructive view on U.S. economic growth continuing in 2025, though recognize inflation and stagflation risks if protectionist policies persist.
Risk Appetite
Portfolio positioning remained unchanged despite market volatility, with equity allocation maintained at current levels. The manager chose neither to add risk nor reduce exposure, maintaining a balanced stance with defensive positioning in resilient names while keeping structural exposure to defense and gold.
Capital Deployment
The manager explicitly states they kept equity allocation unchanged despite market volatility. Cash position at 2.2% appears stable with no indication of meaningful deployment or de-risking activity. This represents a neutral, monitoring stance rather than active capital movement.
Forward Guidance
The manager expresses selective deployment bias, preferring TIPS over Treasuries and maintaining current positioning rather than making significant changes. They are monitoring for tariff rollbacks in April but not actively deploying new capital or making major allocation shifts.
Language Signal
Language is balanced with both risk acknowledgment (trade war fears, stagflation risks) and opportunity identification (TIPS offering rare opportunity, structural defense tailwinds). The tone is cautiously constructive rather than strongly directional in either direction.
Perceived Risk
The manager identifies multiple specific macro risks including trade war fears, stagflation risks from protectionist policies, and currency instability from tariff impacts. These risks are discussed with meaningful detail and context, though not presented as systemic threats requiring defensive positioning.
Opportunity Density
The manager identifies selective opportunities in specific areas - TIPS offering rare opportunity with 2% real yields, structural defense tailwinds, and resilient healthcare names. However, the overall tone suggests selectivity is required rather than abundant opportunities across markets.
Time Horizon
The manager discusses structural tailwinds for defense spending and maintains positions in resilient healthcare names, suggesting a multi-year outlook. However, they also focus on near-term catalysts like expected April tariff rollbacks and 2025 economic growth, indicating a medium-term 1-3 year horizon rather than permanent capital approach.
Top Conviction Themes
Key Catalysts
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