Investment approach

Our investment style combines both top-down and bottom-up investing. Top-down investing involves the qualitative analysis of global macroeconomic trends, market cycles, and identifying subsequent investment opportunities. Bottom-up investing involves the quantitative analysis and research of individual companies and securities.

For equity investing, we identify specific themes or sectors from our top-down approach and use our bottom-up research to find stocks that fit into these macro opportunities. We do this by screening a universe of over 2,800 North American stocks, identifying companies that meet our specified growth criteria and the risk parameters set out by each client.

For fixed income investing, we implement a strategy of interest rate anticipation, drawing on credit cycle/spread analysis to identify opportunities and risks.

All our portfolios are managed on a tactical level. That is, we adjust equity, fixed income and cash levels to take advantage of market conditions and to mitigate risk (but always in keeping with the ranges specified within each client’s Investment Policy Statement). As a result of this fluid management, portfolios are always best positioned to protect and grow assets. We also implement risk constraints to ensure that an appropriate level of diversification is maintained.