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CristalTimes is a organization with over 100 investment professionals operating from four major investment
offices around the world. Our investment professionals specialize within asset allocation, one of six regional
equity Specialist Investment Teams, or our Fixed Income & Currency Team. Our equity specialists also
participate in our eight Global Sector Teams which allow us to track global trends and to enhance our perspective on a regional level.
CristalTimes's on the ground structure provides our clients with real-time management of portfolios by our
regional teams and ensures that we maintain our in-depth local knowledge of the markets. Our research is
based on a detailed understanding of the business and market environment in each region. Our investment managers and analysts make more than 3,800 visits world-wide each year.
Additionally, we maintain a Quantitative Research Team (QRT) staffed by quantitative specialists with advanced
degrees in finance, physics, engineering, mathematics and other quantitative fields. The QRT was established
to develop and coordinate all of the quantitative work conducted by CristalTimes on a worldwide basis. The
team serves as a central resource to analyze investment issues from a purely quantitative perspective.
Through extensive research, covering the majority of the global markets over the past two decades, we have
determined that portfolios invested in regions, countries or securities sharing favorable growth and value
characteristics have outperformed portfolios selected on either high growth or attractive value characteristics alone.
Screening
We use proprietary quantitative screens to identify investments with favorable growth, value and technical
and technical characteristics. Screening our investment universes focuses our fundamental research on the most important buy and sell candidates for our portfolios. Dedicated members of our Quantitative Research
Team work alongside each of our Specialist Investment Teams to support this search.
Fundamental Analysis
Over 100 investment professionals are engaged in fundamental research - extensive country and company visits,
combined with in-depth investment analysis. We use this research to confirm our screens, to formulate investments analysis. We use this research to confirm our screens, to formulate investments forecasts, and
to rank the relative attractiveness of our ideas. For equities, our primary focus is to identify the potential for
positive earnings surprise. For bonds, our analysis concentrates on finding attractive relative value in real yields.
In this stage of process, our investment managers and analysts produce country, currency, sector and asset
return forecasts and rankings. These forecasts and rankings are the primary inputs in determining investment strategy.
Portfolio Construction
Each investment team constructs model portfolios for its major policy bands. Using both internally and externally
developed software, we consistently analyze our active positions and risk/ return potential against our clients’
benchmarks. We also employ selected portfolio optimization technique to construct efficient portfolios - those
with the highest level of expected return for a given amount of risk. Each client’s investment manager customizes the portfolio to ensure that it adheres to stated policy, as well as to their stated objectives,
guidelines and restriction.
Implementation
We employ teams of experience trades dedicated to each market. To minimize transaction costs in client
portfolios, we actively measure implementation cost and monitor turnover through proprietary in-house software and external services.
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