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.