Marret’s investment process is a blend of top down and bottom up strategies. It begins with a macro forecast and selection of industry over and underweights, then moves into company and individual security selection.
Portfolio
1
Top down analysis
Macro-economic indicators, inflation, interest rates, exchange rates, industry outlook
2
Fundamental analysis
Qualitative: Industry position, management, historical & projected earnings;
Quantitative: Liquidity, accounting ratios, and practices, technical
3
Security analysis
Valuation, technical upside/downside assesment
Systematic Risk Management
4
Interest rates
5
Credit Spreads
Portfolio
Top downKey Investment Themes
Economic, Secular, Political, Market
Identify secular trends that could impact securities and overall portfolio
Bottom upExtensive Due Diligence
Industry, Company, Security
Identify securities that offer attractive return/risk characteristics
