We manage equity portfolios on behalf of US and non-US investors, primarily in separate accounts. We are generalists, but tend to favor large capitalization companies. We are both value oriented and growth oriented. While the majority of our investments are in US and Western Europe domiciled companies, we constantly seek opportunities in all global markets.
Our approach to equities is comprised of a top down view of global macroeconomic conditions and a bottom up approach based on fundamental analysis; technical market analysis is not part of our research process.
Our top down view provides a framework that guides our asset allocation, for example, how much cash to have in the portfolio. Specific industries and stocks are then selected based on fundamental research, including consensus earnings and revenue estimates, sell side analyst reports, trade journals and other independent research. From time to time we will also engage company management or consult with industry specialists.
We travel regularly to Europe and Asia to meet with our clients and/or conduct due diligence on current or potential investments. For example, our visits to companies in Asia often provide insights on our investments in US companies, particularly in the technology sector. Not only are semiconductors manufactured in Asia (often on behalf of US companies), but consumption in Asia is increasing at a very rapid rate, making Asian markets increasingly important for US products and services.
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