Investment Process

Our philosophical commitment to a top-down investment approach is a key advantage. Our process begins with a focus on macro decisions at the country and sector/industry level, which can have a disproportionate impact on returns.  We believe our process is uniquely suited for managing global portfolios, in contrast with the “bottom-up” approaches of many competitors who may leave key sector or country decisions as passive residuals. By actively managing these crucial higher-level decisions, we feel our process allows us to exploit a greater opportunity set for generating outperformance relative to other approaches. Further, our security selection is specifically designed to leverage our top-down process, directly applying high-level themes from our macro analysis in our security analysis and selection. The same investment process has been consistently applied in various strategies since inception by the firm’s IPC with excess return over the respective benchmarks in a variety of market conditions.