| Organization |
- Financially & structurally sound
- Incentive arrangements and retention
- Proper resources
- Disaster recovery plan
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| Quality of Personnel |
- Experienced & skilled investment professionals who work well as a team
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| Philosophy |
- Clearly defined investment philosophy
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| Process |
- Methods & procedures must be sound & consistent
- Effectiveness of decision-making
- Buy and sell disciplines
- Performed well in the past & structured to perform well in the future
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| Quality of Research |
- Proper resources to track full universe
- Knowledgeable and skilled research team
- Objectivity and creativity
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| Risk Management |
- Appropriate system of risk controls in place
- Managed in accordance to their philosophy & process
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| Style Consistency and Implementation |
- Adherence to style consistency
- Appropriate trading capabilities
- System of checks and balances
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| Performance |
- Competitive past absolute and risk-adjusted performance results
- Consistent with investment philosophy
- Track record by current team
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