Our disciplined analytical framework imposes a rigorous structure on our investment decision-making, yet is sensitive to the varying characteristics of the companies in our broad investment universe and to current market conditions.

	Investment ideas are sourced from both top-down and bottom-up channels
	Top down: economic and industry trends, and the companies fulfilling the needs implied by such trends Bottom Up: fundamental screens or unique situations

	Each stock is evaluated from three perspectives
	Trend: socio-economic, technology transition, or supply/demand trend in its favor Business Model: understandable, competitive, and sustainable Valuation: attractive vis-à-vis the quality of the trend/model and other opportunities
	The critical stock selection factor reflects the risk/return objectives of each of our four portfolio strategies

	Portfolio construction emphasizes diversification of risk
	Buy discipline: attractive balance of three factors and a risk/reward profile that meshes well with the rest of the portfolio Sell discipline: attains price target or lower relative attraction or deterioration in any one of the three factors