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“The integrity of money managers and their organizations, coupled with their investment performance, are the ultimate deciding factors in manager selection, review and replacement.”
Quantitative Screening
 Investment Style: Consistent over multiple cycles?- Past Investment Performance: Relative to benchmark on risk adjusted basis?
- Peer Group Comparison: Performance relative to peer group?
Qualitative Screening
- Investment Philosophy: Clearly articulated? Based on sound theory and empirical evidence?
- Investment Strategy: Top down? Bottom up? Sector based? Thematic?
- Research Orientation: Fundamental price/value framework?
- Decision-Making Process: Committee driven? Black box?
- Risk Controls : What tools or strategies does the manager use to control risk?
Ongoing Manager Review and Replacement
- Categorize approximately 7,000 managers according to investment strategy and style.
- Measure performance against 200 specialized benchmarks.
- Rehire managers each month relative to performance within their peer group.
 
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