Chris Armstrong

Brandes uses Graham & Dodd value principles with an emphasis on long-term total return. As a Graham & Dodd value-oriented, global investment adviser, they apply fundamental analysis to bottom-up security selection. The firm aims to outperform relevant benchmarks over the long-term.

BIAM's overall decision-making process is guided by the Investment Strategy Group. Under the leadership of the CIO, this group, which is made up of senior asset managers, formulates the overall investment policy. The asset management team conducts security research and selection on an ongoing basis and ultimately designs individual model portfolios for each unique mandate. Responsibility for ensuring that the appropriate investments are allocated to each client rests with the Portfolio Construction Group, which adapts the model portfolios to individual client needs and restrictions. BIAM's equity investment style is driven by fundamental analysis, including price, cash flow, quality of management, earnings prospects, historical achievements and business outlook. The firm selects companies against a background of economic developments, making peer group comparisons. They concentrate on medium- to large-sized companies, quoted primarily in politically stable economies with well-regulated and liquid markets. Bottom-up stock selection is guided by three criteria: global economic prospects, global business trends and financial fundamentals. BIAM's strategy is to concentrate on a limited number of companies, diversifying holdings across a range of industries. This is designed to achieve optimum returns without incurring excessive risk. BIAM's fixed-income investment style is driven by fundamental analysis - primarily value and quality. The firm is an active manager in global government bonds and non-government bonds. They seek to add value by country and currency selection, duration management and credit analysis. BIAM invests only in liquid, well-regulated markets and do not engage in speculative, short sales of currencies. They do not use any derivatives other than forward foreign exchange contracts. The firm takes a strategic approach to credit. Their primary consideration is whether credit spreads offer value. If they find spreads attractive, they next allocate by credit sector and finally select individual issues within favored sectors. BIAM does not invest in sub-investment grade paper

Ibbotson Associates Advisors specializes in asset allocation investment strategies. The firm employs a top-down, research-based investment approach. This approach begins with the development of asset class models and then integrates quantitative and qualitative analyses to screen for appropriate investments. Ibbotson has extensive experience in forecasting and the use of mean-variance optimization and multi-scenario sensitivity analysis to construct portfolios. Ibbotson relies on the principles of modern portfolio theory to develop model portfolios. They first forecast the long-term returns and volatility of each asset class. Then they apply mean-variance optimization, resampling and multi-scenario sensitivity analysis to develop asset class models with the appropriate expected levels of risk and return. Finally, investment managers are analyzed and selected to populate the asset class models. Ibbotson Associates regularly reviews the status of the investments within a portfolio to ensure that the asset allocations remain in balance. They look for style drift and performance that is not meeting expectations.

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