How do fund managers invest?

Investment Approach

1. Top Down
   
   An investment approach that starts with global markets' macro economic research, then followed by stock selection.
   
   A macro-economic analysis includes understanding and projection of interest rate, economic growth, inflation, and currency trends.
   
   Stock selection is driven by company visits and quantitative research to understand the company's business strategy, financial situation, and growth prospects.
   
   Stock weightings are heavily guided by country weightings of the trust's relevant benchmark index. (a set of shareprices that is used as the standard for comparing the values of other shares).
    
2. Bottom Up
   
   An investment approach that focuses on stock selection, supplemented by macro-economic factors.
   
   Stock weightings are heavily guided by where the best stocks are found, with less emphasis on relevant benchmark country weightings.