Many money managers' objectives are the same: maximize return while managing downside risk. However, many firms, because they specialize in only one style of investing, can't always be successful at reaching that objective. No static style, in our opinion, can realize the benefits of taking a more active approach.

We take a dynamic, top-down approach to our investment strategy. We feel the most important performance factor in any portfolio is asset allocation and start the investment process by deciding how much to allocate between stocks, bonds and cash. We then make sub-asset allocation decisions, such as how to weight various sectors, countries and styles. Once this framework is established, individual security selection is finalized.

Fisher Investments' strategy is characterized by a dynamic approach is a departure from the conventional investment strategy many financial advisers employ. We have found that being dynamic allows us to navigate more smoothly through varying market environments and effectively capitalize on current opportunities. Our dedicated research staff and the IPC continually monitor capital markets to determine the optimal mix of stocks, bonds, and cash and the best categories therein to position assets. Portfolios are engineered with a flexible strategy and optimized based on changing conditions.