Investment Process
ECM takes an integrated approach to investment management, with input from both Research and Portfolio Management.
Investment decisions are based on fundamental credit quality as well as relative value. Duration and currency risk in the portfolio is hedged, allowing a clear focus on the risk and return from credit spreads. Investment decisions (buys and sells) are approved by at least two Portfolio Managers, one of whom must be the CEO or CIO, plus research. Our research team also has the right of veto on purchase decisions. Our aim is to avoid the “losers” in our diversified portfolios.
The Investment Committee meets weekly to discuss all “big picture” aspects of our investment policy. Sub-committees by asset class also meet weekly to discuss individual credits and exposures, in addition to frequent ad hoc discussions within the team. The Portfolio Review committee, comprised of the CIO and a select group of senior Portfolio Managers and Research Analysts, meets twice weekly to implement decisions and views at the portfolio specific level.