Gray takes a macro-driven approach to delivering absolute returns

Martin Gray is perhaps the most experienced manager operating in what could be called, liberally, the absolute returns space. He has been successfully running money at Miton for more than a decade using a very liberal interpretation of the concept of absolute returns. Gray is above all an asset allocator, not a very UK-focused equity manager like Lyttleton and Russell.

He is just as likely to hold cash as mainstream UK equities and is not especially interested in complex trading strategies such as stock pairing and switching using the business cycle. For Gray, it is all about relative value across markets and asset classes – and backing the right managers to capture those key moves in price as the markets wax and wane. You have two distinctive ways of managing money. The first being you are an asset allocator looking across a wide range of markets. But you also use other fund managers to implement that process. Do you think, in very liquid and broad ma...