By | 2017-09-13T13:04:15+00:00 13th September 2017|

A bottom-up bond or equity manager will build a portfolio by focusing on selecting stocks which he or she believes to be the best opportunities within an industry or sector. Economic issues, market cycles and asset allocation guidelines are not of primary importance in the construction of the investment portfolio. To contrast, a ‘top-down’ fund manager will make investment decisions based on the macro-economic environment and related data rather than on stock specific criteria.