Fixed Income Overview
Process

The Pyramis Equity group employs both fundamental and quantitative strategies, utilising varying degrees of active management. All portfolios employ processes focused on research and risk management. This process is complemented by a team-based structure to ensure depth of management and continuity in all of the portfolios.

People

In addition to collaborating with the broader Fidelity global research platform, the institutionally-focused Pyramis team employs:

people

Integrated Risk Management Framework

Managing risk is a critical component of the process. Pyramis’ strategies span a full range of risk utilisation and active management:

Many are diversified with more than 100 holdings, although specific strategies may utilise less

Are largely managed sector, currency and region neutral to their benchmarks

Seek to build minimum levels of cash

Leverage our proprietary quantitative risk modeling

Generate returns through bottom up stock-selection

Innovation

Pyramis Global Advisors invests significant resources to seek to ensure that the fundamental and quantitative research the team uses to build and manage client portfolios is second to none. Whether it involves the development of proprietary tools or the hiring of personnel, Pyramis is continuously looking for opportunities to improve its portfolio management efficiency, effectiveness and performance.

Core

130/30 Large Cap Core

The Large Cap Core 130/30 seeks to provide long-term total return in excess of the S&P 500 Index by investing in a diversified portfolio of US equities. View Investment Process

Large Cap Core

The Large Cap Core portfolio seeks to provide 3.0% annualised excess return relative to the S&P500 Index over a full market cycle by investing in a diversified portfolio of US equities. The portfolio is constructed to ensure that active return is generated through stock selection. View Investment Process

Quantitative Large Cap Core

The objective is to seek to outperform the S&P 500 Index while managing market, industry and style bets. View Investment Process

Diversified Large Cap Core

The objective is to seek to provide excess return over the S&P 500 Index while maintaining similar style characteristics and sector weights relative to the benchmark. View Investment Process

Small/Mid Cap Core

The Small/Mid Cap Core portfolio seeks to provide 3.0% annualised excess return relative to the Russell 2500™ Index over a full market cycle by investing in a diversified portfolio of US equities. The portfolio is constructed to ensure that active return is generated through stock selection. View Investment Process

Small Cap Core

The objective is to seek to provide excess return over the Russell 2000 Index while maintaining similar characteristics and sector weights relative to the benchmark. View Investment Process

Total Market

The objective is to seek to provide excess return over the Dow Jones Wilshire 5000 Index while maintaining similar style characteristics and sector weights relative to the benchmark. View Investment Process

Value

Large Cap Value

The Large Cap Value strategy seeks long-term outperformance over the Russell 1000® Value Index by focusing on stocks that are trading at a large discount to intrinsic value. View Investment Process

Diversified Large Cap Value

The objective is to seek to provide excess return over the Russell 1000® Value Index, while maintaining similar style characteristics and sector weights relative to the benchmark. View Investment Process

Mid Cap Value

The objective is to seek to provide excess return over the Russell Midcap® Value Index, by focusing on stocks that are trading at a large discount to intrinsic value and whose market capitalisation at time of purchase is consistent with the capitalisation range of the Russell Mid Cap Value Index. View Investment Process

Small/Mid Cap Value

The objective is to seek to provide excess return over the Russell 2500™ Value Index while maintaining similar characteristics and sector weights relative to the benchmark. View Investment Process

Growth

Focused Large Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000 Growth Index through the management of equities of medium- to large-capitalization companies having strong long-term earnings growth prospects. The strategy is a fifty stock portfolio that represents Pyramis' portfolio management team's best investment ideas based on an intrinsic value approach to investing. By focusing on long-term business fundamentals, the team identifies compa­nies whose free cash flow growth is not fully reflected in the price of their stocks. The Pyramis team then constructs a portfolio that has similar characteristics to the benchmark in order to maintain style consistency and risk parameters. View Investment Process

Large Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000® Growth Index or a suitable large-cap growth index, through the management of equities of medium- to large-capitalisation companies having strong long-term earnings growth prospects. View Investment Process

Earnings Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000® Growth Index or a suitable large-cap growth index, through the management of stocks that reflect a balance among long-term projected earnings growth, superior near-term earnings growth prospects, and attractive valuation. View Investment Process

Diversified Large Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000® Growth Index or a suitable large-cap growth index, through the management of equities of medium- to large-capitalisation companies having strong long-term earnings growth prospects. View Investment Process

Mid Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell Midcap® Growth Index or a suitable mid-cap growth index, through the management of equities of medium capitalisation companies having strong long-term earnings growth prospects. View Investment Process

Small/Mid Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 2500™ Growth Index or a suitable small/mid-cap growth index, through the management of equities of small- to medium-capitalisation companies having strong long-term earnings growth prospects. View Investment Process

For more information on these products, please contact pyramisequity@pyramis.com

Emerging Markets

Emerging Markets Equity

Seeks to outperform the MSCI Emerging Markets Index via security selection based on Fidelity's emerging markets research. Consideration is then given to the resulting country and sector allocations. View Investment Process

Value

International Value

Purchases stocks that are inexpensively priced in relation to their earnings power and cash generation capability. The strategy seeks to provide 3-4% excess return annually relative to the MSCI EAFE index over a 3 to 5 year period. View Investment Process

Growth

International Growth

Objective is to provide long-term capital growth via a diversified portfolio of large-, medium-, and small-cap companies in Europe, Japan, and the Pacific Basin. The International Growth strategy seeks to provide excess returns relative to the MSCI EAFE Index over a full market cycle View Investment Process

For more information on these products, please contact pyramisequity@pyramis.com.

Pyramis Global Advisors (UK) Limited
4th Floor
10 Paternoster Square
London, EC4M 7LS
T: +44 (0)20 7184 3560

Ulrik Walther
Head of EMEA Sovereign Business
T: +44 (0)20 7184 3566
M: +44 (0) 7852 329399
ulrik.walther@pyramis.com

Marc Harris
Executive Director
T: +44 (0)20 7184 3578
marc.harris@pyramis.com

Media Relations
001 617 563 5800

Events

Global ARC

  • May 17–19, London, UK

See meeting details.


National Asset Liability Management

  • June 2–3, Bahrain

See meeting details.


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