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Manager Selection

Qualitative Assessment

After identifying best-in-class managers – those with the best performance, lowest relative risk and expense, and greatest consistency in their investment style – PMA interviews them face-to-face to determine that the current team represents the accomplishments of the immediate past and that they are a well-functioning organization with a high level of integrity.

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PMA evaluates their entire organization: who makes the decisions and what criteria they use; the management structure of their organization and its costs and compensation incentives; their research capacity and process; their investment theory and philosophy; their thinking in constructing their portfolio; and their overall record and trustworthiness.

PMA continues to monitor manager performance and operations of all funds included in PMA portfolios through regular reviews of performance, continued monitoring through the quantitative screening process, and follow-up interviews where warranted. PMA has a policy of re-interviewing managers when there has been any significant change in personnel and of selling out of funds if there has been a significant change in management or investment style.