Our Investment Principles

At ICA Capital Investments, we believe that asset allocation is the primary driver of long-term outperformance.

We take a structured yet flexible approach that balances this long-term focus with an ability to respond quickly, if appropriate, when new opportunities arise.

We view information and data as essential raw commodities, which we must filter and distill to develop actionable insights that lead to enhanced returns.

We believe in empowering our investment professionals with discretion to deploy their allocated capital and risk in areas most likely to outperform.

Building our Portfolio

Investment strategy at ICA Capital Investments begins by defining our risk appetite, calibrated through a blend of publicly traded securities known as the Reference Portfolio.

We then seek to add value through our Strategic Asset Allocation process, diversifying across more than two dozen asset classes and sub-categories, based on ICA Capital Investment’s long‑term view of the world. This results in higher expected returns than the Reference Portfolio for a similar level of risk.

We continuously streamline ICA Capital Investment’s strategies to ensure optimal performance, while exploring opportunities to expand our investable universe.

Implementing our Strategy

ICA Capital Investments Committee and, ultimately, the Managing Director, are responsible for reviewing and approving the Strategic Asset Allocation.

Investment departments are then responsible for investing capital allocated to them, in line with their mandates, benchmarks and guidelines.

We empower ICA Capital Investment’s in-house investment professionals to take a global view of opportunities, both within and across their asset classes. We also encourage them to be tactical in responding to attractive new opportunities or trends.

We view investment strategy as a collaborative process, and tie it closely to the ICA Capital Investments-Wide Planning process. This promotes debate around our key assumptions and strategic priorities, and aligns the organisation with ICA Capital Investment’s objectives.

Managing our Risk

At ICA, we believe that managing risk is a core responsibility of all employees.

ICA’s risk management framework ensures that management has clear visibility of all sources of risk, both from a top-down and bottom-up perspective.

This involves analysing aggregate portfolio risk as well as investment risk by asset class, country, counterparty and other dimensions.

In addition, ICA’s investment departments each have their own risk framework. This complements the ICA-wide framework and provides them with the flexibility to identify risks that are unique or specific to their asset class.

We also actively monitor operational and compliance risks, and conduct operational due diligence and business continuity activities.

Through a process of ongoing education, we seek to ensure that ICA continues to build on and enhance its culture of risk awareness.

We expect our people to demonstrate the highest standards of ethics and integrity and administer this through ICA’s Code of Conduct and other policies.