When analysing an investment strategy, every team has its own approach. Traditionally, the process will be multi-focus and multi-step, looking iteratively at the different components of the investment value chain. These components are often known as ‘Pillars’, and, if you believe all the marketing material, typically start with the letter P: Philosophy, Process, People, Portfolio, Parent, Performance, Price and Platform, to name only a few. While companies will invariably argue that their approach is different and, of course, superior to their competitors’, in practice there is a striking degree of commonality.
