DCAM maintains a disciplined approach in implementing the investment strategy underlying each of the four discretionary Investment Management profiles.

DCAM monitors the client's portfolios both in terms of the overall asset allocation and the individual investment positions and makes adjustments based on the applicable investment strategy / outlook, while taking into account the agreed investment guidelines and risk parameters.

In formulating its investment strategy for its clients, DCAM analyses research (fundamental as well as tactical) from various research providers and implements its investment strategy as follows:

• DCAM invests globally in direct equity and fixed income positions including ETF's, and generally only uses Mutual Fund investments to complement the overall strategy.
• DCAM observes a prudent level of diversification within each asset class via well researched individual investment holdings; over diversification tends to produce inferior returns without necessarily lowering volatility risk.
• DCAM understands the importance of timing. The impact of timing on the total return of an investment is reduced when such investment is held for a long-term. However, on a shorter to medium-term investment horizon, timing can have a significant impact on total return. Although not always successful in its timing, DCAM will invariably strive to optimise the timing of its investments.

Under certain market conditions, DCAM implements various hedging techniques to protect its client's portfolios as dictated by its investment strategy from time to time.

It is important to note that although the investment management process is scientific in its methods, it remains to a large extent an "Art" in its implementation.