 |
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
|
|
|