How we think about risk before we think about return

Every mandate at Aurum starts with a drawdown conversation. Not a return target, a drawdown number. The figure a client can live with without changing their behaviour is the single most useful input we collect.

From that number we derive a risk budget, and from the risk budget we derive the asset mix. Return targets are an output of that process, never the input.

This ordering protects clients from the most expensive mistake in investing: abandoning a sound strategy at the worst possible moment.