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The process combines top down and bottom up factors but ultimately the portfolio is chosen on a stock picking basis. The manager makes use of "street" research, research created by the team of manager/analysts on the European desks and combines this with evaluations made on the business cycle's in each European economy. Gerrard also feels that it is important to meet companies on a regular basis. Favoured stocks tend to have what would be considered decent business models and pricing power.
In terms of valuations, the manager takes a pragmatic approach (with pragmatism dominating all areas of the investment process) using the correct method for each sector.