Equities

In equities selection we apply a disciplined investment philosophy based on the principles of ‘business-like investing’. Companies considered for inclusion in our portfolios must meet several criteria: enjoy a tangible competitive advantage, generate a consistently high level of free cash flow, invest the cash profitably and have an attractive valuation. Our equities selection expertise focuses predominantly on Europe and the United States. We invest in other regions (Latin America, Asia and Japan) via Investment funds selected by our team of fund analysts.

Bonds

Investments in bonds are decided on using a top-down approach that defines the macroeconomic framework and serves to determine the portfolio's sensitivity (or 'modified duration'). The management of money-market products is benchmarked against the JP Morgan Global Government Bond EMU Local Currency index.

Funds from external promoters

External funds are used systematically for portfolios investing in emerging markets, as well as Japan and Asia. A quantitative and qualitative methodology is used to select external funds, which are continuously monitored by our analysts.