For over 30 years, Fisher Investments (FI) has provided active equity investment management to institutional investors worldwide, helping clients achieve their investment goals and objectives. Leveraging our global research platform, our top-down investment process combines macroeconomic analysis with bottom-up security selection to deliver equity strategy solutions across market capitalizations, investment styles, and global/regional equity markets.
Global Research Platform
The Investment Policy Committee (IPC) leads our investment management process and makes all strategic investment decisions affecting clients’ portfolios. The 5-member IPC collectively monitors global economic and market conditions to formulate our market outlook and implement the firm’s investment strategies, with the support of the firm’s large research group. The IPC averages over 30 years of experience at FI.
Our large, in-house Research Department aids the IPC with every step of the investment process. The Research Group is organized into four teams focused exclusively on equity research analysis: Capital Markets (top-down research), Securities Research (bottom-up research), Capital Markets Innovation (theoretical research), and Portfolio Engineering.
Top-Down, Global Investment Approach
We believe the dominant drivers of equity returns are country, sector, and other macro factors. A top-down investment process beginning with analysis of these factors maximizes the probability of successful equity selection, allowing us to increase the likelihood of generating excess return and control risk for our investors.
Our macroeconomic top-down approach allows us to better identify potential market opportunities by uncovering inefficiencies through unique, proprietary analysis of widely available information. Our strategies focus on three basic decisions ultimately made by the IPC based on research conducted by the Capital Markets and Securities Research Teams. This top-down approach allows us to gain exposure to macro themes, countries, sectors and securities we believe will most likely generate the highest expected returns:
- Global Macro Theme and Forecasts: Identify where we are in the market cycle and macro themes for the portfolio.
- Country Exposure and Sector Exposure: Identify the countries and sectors most likely to outperform or underperform versus the benchmark.
- Security Selection: Identify the security or group of securities within a particular category increasing the likelihood of beating the overall category.
Client-Focused
We tailor our client service program to each client’s unique needs and requirements. We have a long history of managing assets for a broad range of institutional investors, including family offices, pensions, corporations, endowments, sovereign wealth funds, and other institutions.
Our service philosophy is grounded in transparency, responsiveness, and client education. We provide in-depth quarterly reporting, global market commentary and outlook, and ongoing research and educational materials to support continuous insights into global markets and investment management.
For family offices, we can build our client service program around the specific needs and preferences of each client, including tailored reporting and portfolio reviews. In each case, clients define their service needs, and we tailor a program to meet those needs.