From the global universe of approximately 8,500 managers we screen a total of 4 000, and monitor 500 on an ongoing basis. The screening process involves face to face interviews whereby we investigate each manager across a battery of quantitative and qualitative attributes. Once included in the monitoring programme, further detailed information is sourced and stored on our database of 'preferred managers'. Approximately 50 managers qualify for inclusion in our fund range. As new managers are introduced into the global universe, each follows the same distillation process and is evaluated on the Coronation key ideals. Three key factors are essential for a manager's inclusion in our fund range: Talented managers We believe that the individuals who manage the investment portfolio are the most important feature to assess. We search for extensive asset management experience with a proven investment track record and disciplined valuation based approach. We seek out intellectual courage and avoid 'index huggers'. For us, research analyst experience is no match for experience in managing money. Moreover, we want to know whether the manager has experience in a bear market. Established Team We look for established teams with experience in jointly managing money over reasonable periods of time; an attribute which is greatly enhanced with bear market experience. Effective Risk Management Risk management is an integral component of how a manager manages a portfolio. It cannot be separated from the portfolio management process as it is our experience that stand-alone risk functions only measure risk and do not manage it. Furthermore, our experience has led us to realise that: Simplicity in approach is best - we are circumspect of 'fashionable styles'. Key people drive performance - not processes or quantitative computer models. Owner managed business models ensure fair compensation and accountability. Reputation of an organisation - history, size, longevity of product range and size. Size does matter - infrastructure must be proportional to asset size. High-quality teams have blends of experience.