Systematic global macro & risk parity
Balance the portfolio by economic environment, not by notional value.
Anatomy of the strategy
Balance assets by economic environment so the portfolio survives growth and inflation surprises.
Rules-based allocation across equities, bonds, FX, and commodities weights each sleeve by its contribution to portfolio volatility, not notional value.
Diversification across uncorrelated macro regimes; discipline removes emotional drawdown behavior.
Correlation spikes in liquidity crises; prolonged low-volatility regimes compress returns.
How the desk runs it
A loop, not a tip — the same four steps, every day, without exception.
Define the environments
The macro map is reduced to a small set of regimes — growth rising/falling, inflation rising/falling — each with assets that historically thrive in it.
Measure risk contribution
Each sleeve is weighted so it contributes equal volatility to the whole. A 60/40 portfolio is 90% equity risk; risk parity fixes the imbalance, not the labels.
Rebalance by rule
Weights drift as volatilities and correlations change. The system rebalances on schedule and on trigger — never on feeling.
Stress the whole book
The portfolio is continuously stress-tested against historical regime breaks — 1974, 2008, 2020 — to see where the balance fails.
Wildbull tools
This family's workspaces are in build. Here is what is coming.
A regime map for growth and inflation, with the assets that carry each environment.
A compact indicator set that classifies which environment the market is pricing now.
Who runs this strategy
Bridgewater Associates
All Weather grew out of risk parity; Pure Alpha systematizes Dalio's macro principles across ~150 markets.