Macro Research

APAM has access to a range of macroeconomic and industry research information from domestic and international sources. APAM produces regular proprietary quantitative asset market reports as well as in-house macro market reports to facilitate the formation of its investment views. Identifying macroeconomic trends and the interrelationship between major asset markets, such as equities, real estate, commodities, credit and currencies, is important to successful asset allocation on a long term basis.

Investment Outlook

Guided by its own investment outlook, APAM is then able to identify and select investment strategies expected to generate returns under forecast market conditions. It also forms the basis for APAM to rebalance its manager compositions in the Fund when necessary.

Investment Process

The investment process starts with top-down analysis of the global macroeconomy and major asset classes, which enables APAM to identify economic factors that underpin current market trends and future developments. APAM then conducts a bottom-up selection process to identify fund managers whose strategies are expected to yield positive performance under such market conditions.

APAM’s business is to discern between those we deem to be competent managers and those who are simply riding momentum and direction. Additionally, we assess the likelihood of particular strategies and returns, always in the context of risk. Many of the funds that APAM invests in are only available to wholesale clients and are therefore unavailable to retail investors.

APAM has developed a number of processes through which we conduct both qualitative and quantitative due diligence in identifying “Investment Grade Managers”. APAM has solid relationships and has gained access to what we consider to be quality managers, exercising caution right across manager selection, portfolio construction, execution and portfolio management.