The markets have changed with the development of new portfolio management practices and the distribution of new, more or less complex, synthetic instruments.

These new investment vectors create major biases that we call interactions. Their impacts trigger significant distortions, causing traditional investors to lose their footing.
These interactions are central to the construction of systemic risks.

The distribution of technology and the ongoing decline in interest rates have paved the way for a new breed of financial players.

Promoting synthetic instruments, they provide traditional players with access to new means of exposure or hedging.
These financial players are a new type of investor, one that no longer takes a fundamental approach to portfolio management. They oversee their risks systematically, automatically and independently of traditional investors.
They hedge their liabilities on the market subject to a liquidity constraint.

Changes like these in the market environment should lead to the reform of portfolio management processes.

Macro and microeconomic analyses alone are no longer enough. Observing and analyzing the effects of these new interactions have become a prerequisite to building a portfolio capable of generating strong, consistent performances over time.
Ginjer identifies these new risks in a proprietary Risk Matrix, which it uses to determine its asset allocation and security selection.

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