Our processes are inveterately bottom-up, informed at the security level. We reject the practice of making broad calls on the future performance of sectors, economies or interest rates, and positioning portfolios according to a particular “macro” view. Rather, in constructing portfolios on a security-by-security basis, we seek to ensure optimal diversification and return characteristics. At the same time, as ideas are communicated across the entire investment team, they facilitate the development of nuanced macroeconomic viewpoints. But these viewpoints aren’t the primary drivers in any of the portfolios.
We eat our own cooking. All our portfolio managers invest in the funds they manage, alongside their fellow shareholders, and manage the funds with tax efficiency in mind.