Aggregate

The Investment Process can be divided into three phases.

The first being the research phase which is initiated by a top-down assessment of the macroeconomic environment covering interest rate expectations. This will essentially lead to the identification of the most attractive strategies. The most attractive securities/countries/issuers are identified based upon a bottom-up research process.

The second phase is the decision phase in which all findings from the research phase are evaluated and held up against each other. At bi-weekly meetings, strategy changes are discussed and documented. Suggestions regarding overweights/underweights are made at this stage.

The third stage is the construction phase in which the optimal mix of risk and return will determine the weight assigned to each strategy and essentially the weight of each security. Dynamic risk-diversification and flexibility are the most important factors at this stage.