Portfolio Management Discipline

Portfolios are constructed bottom-up based on the best ideas of the research analysts.

The portfolio managers challenge analysts to defend the assumptions behind each recommendation in order to build consensus around the investment thesis.

Additional responsibilities of the portfolio managers include risk assessment, position sizing, and identification of unintended factor concentrations.

Regular portfolio reviews are conducted in order to reassess conviction with the objective of attaining the optimum exposure for each position.

The team collectively reviews its investment successes and mistakes in an ongoing effort to improve its investment process.