Fisher Investments’ Global Research Platform

All of the firm's strategies leverage our global research platform. We focus on macroeconomic themes in order to analyze a wide range of economic, political and sentiment drivers to formulate forecasts and develop portfolio themes. All of our strategies leverage proven core competencies and utilize the same macroeconomic outlook and resources to support the particular strategy. Our Research Analysts, located in our Woodside, CA and Camas, WA offices, are responsible for monitoring the economic, political and sentiment drivers supporting our top-down process and for communicating these findings to the Investment Policy Committee daily and as changes arise. In addition, Research Analysts conduct fundamental securities analysis to complete the security selection process.

Research Capabilities

All of Fisher Investments' Research Analysts are generalists and therefore devote efforts to all of the firm's strategies. Analysts are key members of the four teams that make up the Research department: Capital Markets Research, Securities Research, Capital Markets Innovation, and Portfolio Implementation.

Capital Markets Research

The Capital Markets Research Team is responsible for gathering information used in the analysis of a wide range of economic, political, and sentiment drivers. The IPC uses this research to formulate forecasts and develop portfolio themes. The team’s objective is to assist the IPC in determining country, sector and style forecasts using relevant information generated from the drivers to determine over/under weight allocations relative to a strategy’s given benchmark. Country and sector-specific coverage is rotated among the analysts at the discretion of management.

Securities Research

The Securities Research Team is responsible for the initial analysis and ongoing monitoring of all securities held in the firm's portfolios. Each analyst is assigned securities that fall within specific sectors. They are then responsible for providing the IPC with updates as market conditions dictate or at least once per quarter. Sector coverage is rotated among the analysts at the discretion of management.

Capital Markets Innovation Team

The Capital Markets Innovation Team conducts risk management functions allowing for internal oversight throughout the investment management process. These teams monitor various risk factors and regularly provide detailed reporting to the IPC who ultimately may decide to adjust the portfolio in order to maintain a favorable risk profile.

Portfolio Implementation Team

The Portfolio Implementation Team is primarily responsible for implementing model portfolios constructed by the IPC in client accounts. Their responsibilities also include ongoing monitoring of client accounts to help ensure portfolio weightings meet the IPC's targets and adhere to client guideline restrictions.

The following illustration provides insight into our unique research structure: