The starting point for the process is the highest conviction positions held within the wider range of strategies managed by Goodhart. A key aspect of Goodhart’s investment process is the breadth of research coverage and the substantial differences between the strategies managed, from growth to value, large to small. However, the investment team operates as a coherent unit. Research is held centrally in one database and the team meets weekly to share ideas. As a wholly independent partnership the investment team members share in the collective success of the whole business, not just the strategies they manage directly. This is important for the collegiate investment culture we promote and critical to being able to marshal the disparate stock ideas generated across the team into one coherent portfolio. In particular, eachstrategy managed by Goodhart operates within a clear portfolio management framework that promotes strong communication across the team. The global best ideas strategy synthesisesthe ideas of the whole team into a single portfolio. Whilst index-relative measures of risk have no role in the portfolio construction process the breadth of investment ideas ensures the portfolio is well diversified across the key country and sector exposures embedded in it. No stock is held in the portfolio that is not also held in at least one other Goodhart strategy.