The first step in the process is to filter global stocks (with market capitalisations above $2bn) to identify those with high returns and sustainable earnings growth. For each potential idea, the team focuses on a company's competitive advantages and whether these are supported by a favourable industry structure, which they assess using the Porter's Five Forces framework. Cross-fertilisation of ideas between different teams is important, with the global equity team acting as a channel for ideas. Meetings with a company's management team and understanding its competitors, suppliers and the sector overall is at the heart of their work. Although the approach is primarily bottom-up, a series of macro-economic and thematic meetings provide context and highlight areas of potential opportunity.

Thereafter, promising ideas undergo more rigorous research and are debated at a weekly stock review meeting. They determine a view of the company's ability to sustain its competitive advantages over the long term, its susceptibility to disruption from industry changes and the valuation upside. The final stock selection and portfolio construction decisions rest with the lead manager. Position sizes primarily reflect conviction levels based upon quality, risk and valuation, together with liquidity.