A coherent investment philosophy, defining an asset manager’s approach to generating portfolio returns, is a necessary element of investment success. Such philosophical principles are normally grounded in the assumptions about market and investors’ behaviour.

Our belief in active management is based on our views that:

• markets are not always efficient; and
• investors do not always act in a rational manner.

• fundamental analysis is key to understanding the trends and prospects of an economy, a sector/ industry or company;
• valuation analysis helps to establish the value of a stock or market, thereby determining the upside potential or downside risk from its current price or index level; and
• technical analysis is a useful tool in identifying the turning points of a stock or market and can be particularly effective in the timing of investment trades.