Top-Down Process

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.