June 2009
"The XYZ Fund (the 'Fund') seeks to achieve long term capital appreciation utilising a top down active asset allocation policy ...
...Stock selection provides the core to the investment process."
I just noticed this basic strategy description in a recent monthly snapshot. You do not need to look far to pick up on basic inconsistencies.
If "Stock Selection" is the core of the investment process, shouldn't the marketing team state that they use a "bottom up" approach to investing? I know, I know... there is room for debate, but it does appear that some managers still engage in certain hedgespeak in order to cover all investor types. They try to be everything to everybody.
At least they didn't write "bottoms up."
Tuesday, July 14, 2009
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