Qualitative analysis is the art of the analysis.
Is the investment process dependent on a particular person or is the process team driven?
1. Manager tenure: How long has manager been managing the strategy
2. Team driven: How long has the team worked together and what is the decision process for the team
– I.e.: ability to be decisive.
What is the investment process?
1. Is the process defined and understandable?
– Research process vs. portfolio construction process
2. Is the investment process limited by various factors:
– Capital market issuance, volatility etc….
How does the manager operate their business?
1. Is the model an institutional or opportunistic model?
2. Is the model sustainable?
3. Does the business have the necessary infrastructure?