Portfolio Construction Starts With a Macro Perspective
Fisher Investments’ top-down investment process begins with macroeconomic theme development, which helps inform country, sector/industry and thematic preferences—what we believe are main drivers of portfolio returns. From there, we conduct individual security analysis to select securities we believe best capture macro preferences and are likely to outperform peers.
We further believe this is a differentiated process from other investment managers—many of whom use a “bottom-up” management approach where key sector or country positioning result as byproducts of security picking. We believe focusing on macro-level factors before security selection increases the probability of outperforming the broader market.
Our Investment Process
Fisher Investments’ top-down investment process first establishes outlooks and develops portfolio themes to emphasise parts of the market we believe will perform best, such as different countries and stock market sectors. We then analyse individual securities and select those we believe best capture macro preferences.
Global Macro Driver Analysis
We analyse a wide range of economic, political and sentiment drivers to formulate forecasts and develop portfolio themes.
Prospect List Definition
Based on Fisher Investments’ macro driver analysis, we identify securities that best capture the high-level themes consistent with the outlook and forecast.
Security Analysis
We conduct fundamental analysis to select securities with strategic attributes that provide competitive advantages over peers.
Security Selection Process
Fisher Investments’ security selection is designed to leverage a time-tested, top-down process. We apply high-level themes developed from a macroeconomic analysis to evaluate and select individual securities.
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