Top-down analysis is key

Top-down analysis can be a valuable part of a stock-picking management style, according to David Dick, head of European equities at Goldman Sachs. Dick, manager of the new Skandia Continental European fund, said while the majority of managers claim to be stock-pickers, their generally poor performance around inflexion points in the market reveals their macro bias. 'Even though most of us say we are stock pickers, in reality our portfolios can be infused with a series of intended and unintended top-down positions' he said. 'We don't want to just take these top-down bets because by de...