Our investment process is based on a top-down investing approach and comprises three key steps:

• Market Forecasting: We analyze the macroeconomic environment and market dynamics, using our FVT analytical approach, to determine market direction. We then determine asset class allocation, particularly the percentage of cash to hold. Preferred countries and sectors or themes that will drive markets are then established.
• Portfolio Construction:  We screen for stocks/funds in the identified sectors or themes and build our portfolio using a core-satellite approach. In our stocks/funds screening, we first establish our universe of stocks/funds. Stock/fund ideas are then screened and analyzed, using our FVT analytical approach, before they are selected for inclusion in our portfolios. Finally, we exercise risk management and sell discipline in the management of portfolios to protect portfolio gains and limit downside risks and losses.
• Performance Review: At each month-end, we conduct a performance attribution exercise and review the factors that contributed to portfolio returns.