Our fund selection process is top-down and starts with our asset allocation to each market segment. We then run the screening processes for each market to determine a universe of funds for further investigation. This universe is re-run on a monthly basis and, using our in-house systems and external research, is refined to the funds we hold in our clients’ portfolios. We analyse funds by screening for managers with long-term consistent outperformance with assets of over £10m. Then we look to understand the managers’ disciplined investment process to achieve consistent returns. Finally, we look to ensure the stability of the investment team and compliance with the regulatory environment. From our filters we create a focus list of 10 to 15 funds. The composition of portfolios is formally reviewed monthly.