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In-depth fundamental analysis is carried out at the stock level to ascertain the reasons for a low share price so that the manager can avoid 'valuation traps'. Macro synthesis including industry, sector and economic analysis are also used to improve stock picking. Similarly, changes in fundamentals determines sell-side policy, price targets are seldom used. Valuation models are used to predict future cash flows and help highlight pricing anomalies.
Growth stocks that are identified through the macro process will also be added to the portfolio. Nevertheless the aim of the investment process is to identify stocks that have been overlooked by the market generally.
The fund has no formal constraints which allows the manager to invest in any areas that he thinks will add value to the portfolio. The fund is unlikely, however, to hold more than 3% of any one company and will have roughly 100 holdings.