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Global Total Return

Fisher Investments Institutional Group's Global Total Return strategy utilizes a top-down investment process based on applying capital markets technology to the analysis of a wide range of economic, political, and sentiment drivers to formulate forecasts and develop portfolio themes. The strategy attempts to exploit the structure of global markets and to capitalize on country and section/industry cycles as they come into and out of favor.

Fisher Investments believes approximately 1/3 of the strategy's performance is attributed to each of the country, sector, and security decisions. We adhere to a strict application of portfolio management discipline such that we remain continuously cognizant of the composition of the relevant benchmark (e.g., MSCI World Index) and the relative risks we engineer into portfolios against the benchmark.

Additionally, the strategy seeks to add value at the security level, but Fisher Investments believes traditional individual security research is most effective when used to complement higher-level portfolio themes and characteristics rather than acting as the sole focus of the investment process.

Overview of the Investment Process

• Top-down process focuses on the most important determinants of portfolio return
• Economic, political and sentiment drivers shape portfolio themes, country, and sector weights
• Combination of quantitative and fundamental research
• Security selection levered to themes
• Active risk management