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INVESTMENT PHILOSOPHY AND PROCESS |
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The Manager believes that prices of securities are ultimately determined by fundamental factors, and superior long term investment performance can be achieved by exploiting inefficiencies in the capital market through rigorous and intensive research.
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| Equities |
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Combination of ’top-down’ and ’bottom-up’ approach - an investment strategy that is not mutually exclusive but closely inter-twined between asset allocation and stock specific selection.
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Value driven approach - Stocks are then selected for their value. |
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Emphasis on growth - Stocks are futher selected for their growth potential. |
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| The equity selection will be based on a rigorous process which will appraise the relative value of a company in terms of :- |
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Price/Earnings (P.E.) |
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P.E. to Growth |
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Dividend Growth |
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Dividend Yield |
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Price-Book Value |
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Quality of Earnings (Volatility, Sustainability, Visibility) |
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Financial Strength (Strong balance sheets) |
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Competitive Risks |
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Profit Margin |
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Cashflow Analysis |
| 11) |
Quality of Management, Corporate Governance |
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| Fixed Income Securities |
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Fundamental Analysis - To identify value investments. |
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Interest Rate Anticipation - Forecast changes in interest rates and yield curve shapes. |
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Relative Return Analysis - Best risk-return trade-off within bonds of same credit ratings. |
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Market Timing - Time market entry to enhance yield. |
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Use of Futures Contracts - To manage risk. |
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