The management of risk within PGS is not a discrete or stand-alone process. We view each person, each process and each of our investment tools as making a significant contribution to the understanding of the various market or manager risks that need to be considered when building a fund of funds portfolio.

One of the most significant elements of our risk approach is an insistence on position level transparency from each one of the managers in our portfolios, ideally on a real-time basis or at a minimum, on a lagged basis.