2017 rewarded equity beta, and LCI’s strategies captured it with double-digit returns at the Growth end. The decisive relative lesson was currency, not allocation: a sharply appreciating EUR cost the EUR sleeves against their benchmarks, the mirror image of the tailwind that lifted the USD sleeves.

2016, the strategies’ first year since launch, began with a China/oil scare and absorbed the Brexit shock before a strong second-half recovery. Every strategy ended positive and almost all beat their benchmark — the outperformance coming from genuine diversification across equity, recovered credit, gold and real estate.