Investment Process
Research has been the cornerstone of our investment process for over 50 years and we rely on our talented research professionals to execute our investment process with utmost discipline and precision. Our original, fundamental, bottom-up research process is designed to get the analysts'​ best ideas into the portfolio. We conduct thorough, original, research, taking into account both quantitative and qualitative data.

What Differentiates Our Research?

Original Research to Build a Differentiated View

  • ​Analysts leverage country/regional and industry/sector expertise to identify potential change beneficiaries.
  • Develop a differentiated view of a company’s total market and ability to execute its business model.
  • Quantify insights in detailed income, balance sheet, and cash flow models specific to a company’s key drivers​.
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Stress Test Valuation Based on Key Stock Drivers

  • Fundamentals are explicitly linked to valuation and stock-specific risk factors​.
  • Assess company fundamentals using detailed, proprietary financial models utilizing a variety of valuation methods.
  • Base case price targets are stress tested for both upside surprise and downside risk​.
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Collaborative Dialogue Drives Decisions

  • Portfolio Managers challenge Analysts to test conviction.
  • Open door policy.
  • Weekly global investment team meetings.
  • Regular sector team meetings.
  • Shared database for notes on every contact about a company​.
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Portfolio Construction Balances Reward and Risk

  • Buy decisions and the position size are based on:
    • Relative investment opportunity.
    • Portfolio constraints.
    • Liquidity.
  • Sell decisions are based on:
    • Stock achieving its target price.
    • Company experiencing deteriorating fundamentals with greater reward/risk potential​.
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