Puru Saxena Wealth Management

Puru Saxena, the founder, drives the investment process and authors the firm's long-running macro publication. The firm's structure suggests a centralized decision-making model where the founder's macro views directly inform portfolio construction. No formal investment committee structure has been publicly disclosed.

The firm's macro views are generated through proprietary research published in its monthly letter, which emphasizes data-driven analysis of central bank policy, monetary aggregates, and credit cycles. Saxena's public critiques of Federal Reserve and ECB policy have been a consistent feature of this output for over two decades, giving the firm a defined intellectual framework that shapes asset allocation.

Public record indicates the firm operates primarily through separately managed accounts for private clients rather than a pooled fund vehicle. No publicly listed fund prospectuses or pooled vehicle registrations are associated with the firm, consistent with a private wealth-advisory model.

Real estate — particularly Hong Kong residential and UK commercial property — has historically been a core allocation theme in the firm's published commentary and client portfolios. Saxena's public writings have consistently treated physical property as a cornerstone asset class within the broader macro framework, often linking property exposure to negative real interest-rate environments.

The monthly macro letter serves as a public articulation of the house view that then informs private client mandates. This creates an unusual alignment: prospective clients can evaluate the firm's macro reasoning over a multi-year track before committing capital. The publication is not a marketing shell — it is the visible expression of the same analytical process that drives portfolio decisions.

As a Hong Kong-based wealth manager, the firm is expected to be licensed by the Securities and Futures Commission for Type 4 (advising on securities) and Type 9 (asset management) regulated activities. Direct confirmation of license status should be obtained from the SFC public register.

The firm's public commentary has historically expressed skepticism toward long-duration sovereign bonds in developed markets, particularly during periods of aggressive central-bank easing, and has been cautious on passive indexation during late-cycle conditions. It also appears to avoid complex derivatives and structured products in favor of direct positions in equities, real estate, and commodities.