Investing Through Asset Managers For Global Exposure: Carol Schleif, Regional Chief Investment Officer of Asset Management at Abbot Downing, Interviews with The Wall Street Transcript

Wall Street Transcript

67 WALL STREET, New York - August 23, 2013 - The Wall Street Transcript has just published its International Investing and Other Strategies Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Bottom-Up Stock Selection - Value Oriented Strategy - Value Investing - Deep Value - Exposure to Emerging Markets - High-Quality Companies, Value Investing - Investing in Asia - Longer-Term Investing - Asia Pacific Investment Theses - Investing in China - Equity Investing Strategies - China's Domestic Markets

Companies include: Asset managers for global exposure.

In the following excerpt from the International Investing and Other Strategies Report, an expert portfolio manager discusses her portfolio-construction methodology and her investment philosophy:

TWST: You mentioned that your portfolios are focused. What does that mean?

Mrs. Schleif: Many of the managers that we pick are not going to run hundreds of names in those asset classes. Ideally, they are going to be willing to limit the size of their fund if they are participating in an asset class where performance or liquidity would be impacted by taking in too many assets. Focused portfolios would mean that we are not trying to build portfolios that have thousands of holdings in them or dozens of managers. Instead, we assemble managers and investments we have conviction in and believe can help us execute on our strategic and tactical asset allocation guidance. In other words, we are not closet indexers.

TWST: You are bottom-up investors, but what role does the macro environment play in the investing process?

Mrs. Schleif: Macro plays a big role. While research starts with fundamental analysis, those fundamentals must be rooted in a viewpoint driven by macro themes. Our Asset Allocation committee, which I participate on, works closely with the other strategy and asset allocation committees at Wells to develop an overarching strategic viewpoint of global themes and trends. This outline, and interim tactical guidance that comes in anticipation of and response to various market, social, economic and geopolitical events, helps focus our efforts and attention in portfolio construction.

TWST: What types of managers do you look for?

Mrs. Schleif: We look for people who have teams who have been in place for a long period of time. We often, though not always, look for someone who has ownership in their company, a viable, repeatable process and sound thought process and strategy. We may look for someone that participates in and has long-standing relationships in a niche we don't have access to. We look for managers and investments that fit strategic and tactical themes we believe will drive the investment outlook for years. We look for openness, transparency, structure and a host of other detailed things. We have dedicated teams within Abbot Downing that work closely with our partners within Wells Fargo, as well as outside resources, to come up with...

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

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