New Century Advisors

The firm runs concentrated, macro-driven portfolios of global inflation-protected bonds — primarily sovereign TIPS and equivalent instruments from the UK, France, and selected emerging markets — combined with commodity and real-asset exposure. Its benchmark is an inflation-plus target, not a standard bond index. The strategy allows the firm to take negative duration exposure to nominal bonds when the inflation outlook demands it.

Ellen Harvey founded New Century Advisors in 2000. She spent the prior eleven years at the World Bank managing its pension and liquid-asset portfolios across both developed and emerging markets. That experience — protecting a multilateral institution's capital against purchasing-power erosion — directly informed the firm's exclusive focus on inflation-linked bonds and real-return mandates.

The firm trades primarily through direct bond holdings rather than relying on derivatives-heavy structures. Harvey and her team set top-down duration and country weightings based on their read of central-bank policy paths and real-yield differentials across markets. Implementation is concentrated, with the team trading a relatively small number of high-conviction positions rather than building broadly diversified index-like exposures.

The firm manages separate accounts and a commingled fund for institutional allocators — public pensions, endowments, foundations, and sovereign wealth funds. Its investment minimums and strategy capacity have historically kept the client base institutional rather than retail or wealth-management-oriented.

It is an independent, founder-led asset manager, not a family office. Ellen Harvey established the firm after her World Bank tenure and it operates as a boutique investment manager with a single-strategy focus on global inflation-linked and real-return fixed income.

The core distinction is a single-issue mandate — pure inflation protection — with no competing product silos, no equity or corporate-credit teams, and no drift toward generalist fixed-income management. An allocator who already has nominal Treasury and credit exposure elsewhere can use the firm as a dedicated real-return building block, with a governance structure that stays focused on real purchasing-power outcomes rather than nominal total returns.

No. The firm does not publicly report AUM. Its strategy capacity is naturally bounded by the liquidity of the global inflation-linked sovereign bond market, giving the portfolio a practical upper limit regardless of undisclosed scale.