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| Family Office – Investment Process |
Turim’s first objective is to analyze the family’s situation and objectives, its current earnings, the value of the assets it owns and plans to leave, the lifestyle it intends to have and the way it plans to leave the assets, among other considerations.
We then seek to identify the family’s risk profile in order to elaborate an investment policy together, one that includes expenses and planned revenues, the level of fixed assets, and an analysis of the banks and companies used (relationship between services and products vs. cost vs. risk).
Once it has discussed the client’s profile, Turim begins an allocation process based on top-down fundamentalist analysis, or in other words, it first evaluates the macro economic scenario, discovers which asset classes will react best to the macro economic variable projections and then seeks the best vehicles to be invested in each segment. The investments are constantly monitored through daily performance follow-ups, analyses of correlation with other assets and constant meetings with managers. The obtained results are compared with those previously expected and, in the case of any divergence, there is a questioning with the managers, who will define the permanence or replacement of these investments.
The monitoring of the investment portfolio with the client takes place through periodic meetings to define and redefine investment strategies. The information is all consolidated, thereby facilitating the identification and measurement of the risks incurred versus the performance achieved. Because Turim serves primarily as an advisor, the family will be able to choose those banks and managers with which it will maintain relations.
In a traditional analysis, considerable attention is paid to statistical techniques. It is Turim’s strong belief that the use of only these parameters forces the family to incur higher risks than those that are desirable. In addition to the quantitative analyses, which it conducts in an extremely rigorous fashion, Turim considers crucial the qualitative analysis of the managers, strategies and the manager or service provider processes. It performs such analyses through constant due diligences at these companies in Brazil and abroad. The portfolio-related information is constantly updated during the regular asset monitoring process. The client portfolios are built so that the origin of the earnings is as diversified as possible, thereby reducing their volatility and risks.
With specific knowledge on each manager, product and asset, Turim can preserve and increase the family’s financial assets, minimizing its exposure to non-systemic or market-specific risks, and maximizing the performance of its portfolios.
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