RBA focuses on multi-asset macro strategies, emphasizing macroeconomic variables over individual stock selection. Their investment approach centers on key factors such as size, style, region, and sector allocation for equities, and interest rates, duration, credit quality, and asset class selection for bonds. Recognizing that portfolio returns largely stem from these broad macro factors, especially as portfolios grow larger and risks become more correlated, RBA employs a research-driven and collaborative investment committee process. This ensures consistent intellectual capital and unified views across all portfolios. Their research is grounded in three core pillars: corporate profits, liquidity, and sentiment/valuation, which have been identified through decades of experience as the primary drivers of asset valuations and investment performance.