The key driver of the process is deep primary research, with an emphasis on meeting company management. Ideas are generated from multiple sources including an extensive range of screens designed to ensure opportunities are uncovered across the whole investment universe. Industry and business cycle context is important to the appropriate way to evaluate individual companies. So the approach to valuation is customised across growth, quality and recovery situations. Price is a critical component of the research process but the stocks in the portfolio would often not be classified as “value” from a historic perspective. This is because the valuation opportunity is embedded in the change that is predicted. In a world in which “labels” have become increasingly important the best opportunities are often those that are hard to categorise. The portfolio is constructed with a deliberate approach to key macro factors such as economic sensitivity, but driven “bottom-up” by weight of stock ideas across the different categories of stock.