Investment Process

Fisher Investments' philosophical commitment to a top-down investment approach is a key advantage. Fisher Investments' process begins with a focus on macro decisions at the country and sector/industry level, which can have a disproportionate impact on returns. Fisher Investments believes its 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, Fisher Investments feels its process allows it to exploit a greater opportunity set for generating out-performance relative to other approaches. Further, Fisher Investments' security selection is specifically designed to leverage its top-down process, directly applying high-level themes from its macro analysis in its security analysis and selection. The same investment process has been consistently applied in various strategies since inception by Fisher Investments' Investment Policy Committee with excess return over the respective benchmarks in a variety of market conditions.