Who we are

Two Trees is a systematic global macro investment firm that integrates a deep understanding of financial economics with rigorous scientific techniques for forecasting returns, risk, and volatility to construct liquid, diversified, absolute return multi-asset portfolios that exhibit low correlations to traditional asset classes.

Our scientific method has been carefully refined over the course of our collective working history and tested in some of the most volatile periods in modern financial markets history. Our aim is to help investors build resilient, return seeking portfolios that can withstand the harshest of storms.

The ‘why’ of our
investment approach

 

At Two Trees, we take a holistic approach, looking at not only ‘how’ markets move, but also ‘why’.

There are many ways that markets can change. Expected returns can change due to factors such as perceived risks, fads, panics, or ‘bubbles’. Market risk also fluctuates due to things like changing liquidity and information. As a result, the correlations between markets change as cash flows and expected returns shift over time.

We believe that the price of any asset reflects the market’s expectations of both future cash flows and future expected returns. High current prices can indicate an expectation of large future cash flows, low future returns or a combination of both.

As systematic investment specialists, we use scientific tools to:

  • Distinguish between cash flows and expected returns to better estimate future expected returns
  • Forecast risk and correlations.

A strategy that balances
stability and reactivity

 

We systematically integrate proprietary forecasting models together with dynamic risk models and portfolio construction techniques to generate tactical positions in global equity, bond, currency, commodity, and volatility markets. 

By balancing expected return and risk forecasts, we aim to deliver the best risk-adjusted return, while providing investors with a diversified exposure across a broad range of assets and asset classes.

This process continues to be informed by our holistic understanding of financial economics, our intensive proprietary research, and decades of practitioner experience.

Our Team

 

Our team is galvanised by a common set of beliefs and shared practitioner experience spanning multiple decades.

Craig Louis

Managing Director & Senior Portfolio Manager
Roll over for bio >

Craig is the managing director and a senior portfolio manager for Two Trees. Previously, he was the Research Manager for GMO’s Systematic Global Macro team. Prior to that, he led the global macro team at Suncorp Investment Management and was the assistant manager of modelling for the Australian Commonwealth Treasury. Craig holds a Bachelor of Economics (Honours) from the Australian National University, with Honours in econometrics.

Andrew Thompson

Director & Senior Portfolio Manager
Roll over for bio >

Andrew is a director and senior portfolio manager for Two Trees. Previously, Andrew managed a systematic global macro strategy at Cubist Systematic Strategies, and was a portfolio manager and quantitative strategist in GMO’s Systematic Global Macro team. Prior to this, he worked in the global macro team at Suncorp Investment Management, and was an Investment Analyst at Tactical Global Management in Brisbane. Andrew holds a Bachelor of Economics (First Class Honours) and a Bachelor of Commerce from the University of Queensland, as well as a Bachelor of Science from the University of Southern Queensland.

KARL KRUSZELNICKI

Portfolio Manager
Roll over for bio >

Karl is a portfolio manager for Two Trees. Previously, he was a quantitative research analyst in GMO’s Systematic Global Macro team, and a research assistant and tutor at the University of Sydney. Karl holds a Bachelor of Commerce (Liberal Studies) (First Class Honours and University Medal) from the University of Sydney, with Honours in econometrics and majors in finance and Mandarin.

JASON PHUNG

Portfolio Manager
Roll over for bio >

Jason is a portfolio manager for Two Trees. Previously, he was a quantitative research analyst in GMO’s Systematic Global Macro team, prior to which he was an analyst in GMO’s Australian Equities team. Jason holds a Bachelor of Commerce (First Class Honours) from the University of Sydney, and completed postgraduate studies in Mathematics and Statistics at the University of Technology, Sydney. He is a CFA charterholder.