Generation PMCA Q4 2025 Quarterly

Donny DBM/iStock via Getty Images Top-Down and Bottom-Up Investors typically fall into two camps. They are either top-down, guided by macro views and often taking thematic slants, or bottom-up, ignoring the big picture to focus on individual securities. We have always conducted analysis across the spectrum. Our goal is to select undervalued securities by thoroughly analyzing each individual company. But we also evaluate the overall economic environment, to alter our portfolio approach, especially when o ...