Investment Process

Top-down / Bottom-up analysis lays the foundation for the investment process:

• Extensive fundamental research on individual companies
• A relative valuation assessment of investment opportunities
• A comprehensive review of the macro environment
  Some 70% of research, both at the economic and security level, is conducted internally utilizing in-house analysts, economists and portfolio managers. We are careful to avoid unnecessary risks in our portfolios, and we conduct a risk assessment at each level of decision-making.

Global Overview
Each month, senior investment professionals from the Americas, Europe, Japan, and the Pacific Basin meet to assess the current global economy and set a house view on key financial parameters. We use this assessment as our economic view and incorporate it into all product strategies to bring a truly global perspective to the management of investments.

Investment Strategy
A specialist team of local professionals manages each product. Our goal is to add value at all levels of decision-making, while at the same time emphasizing areas where our original research offers superior insight. Investment strategies are set after examining key economic fundamentals and market valuations. Allocations are made with a medium- to long-term perspective in mind, keeping allocations within policy deviations from the benchmark.

Issue Selection
Screening mechanisms are used to assess the relative attractiveness of opportunities within our universe. Screening is conducted at a regional level, but allowance is made for a global comparison. Portfolio managers and analysts then perform original research on the most promising investment candidates. Company visits and management interviews are an integral element in value assessment. Having local professionals in the global financial centers gives us a competitive advantage, augmented by their understanding of local languages and cultures.