An investment strategy which first finds the best sectors or industries to invest...

Investment strategy which looks at macro factors first, such as attractiveness of a sector or country, and then looks for securities within those sectors.

Stock selection based on analysis of the overall economy, be it worldwide or country specific. This initial research identifies favourable countries, markets and sectors to allocate funds to.

A management style which, taking as its point of departure the conclusions reached by fundamental analysts, effects allocation according to class of assets and currencies then chooses the industrial sectors and finally selects individual securities.

Investment management technique that bases portfolio construction on macroeconomic views rather than stock specific views. Top-down factors will apply to both country and sector allocation. Specific stock decisions in a top-down portfolio will most likely be made according to the index weighting of that stock, rather than its own particular characteristics.