Investment Process & Structure

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 down

Key Investment Themes

Economic, Secular, Political, Market

Identify secular trends that could impact securities and overall portfolio

Bottom up

Extensive Due Diligence

Industry, Company, Security

Identify securities that offer attractive return/risk characteristics