Does the cheaper stocks on growth basis translate into better returns?
Thats a good question. In the last four years the overweight towards Europe has generated good returns for two reasons the equity returns have been better in Europe and we also got a big benefit from the currency appreciation. At this point we see the value gap closing and therefore, in terms of new opportunities, there is less relative value advantage in Europe. Q: Could you highlight your research process? How do you generate ideas? A: As part of Deutsche Bank, our primary advantage is the research platform that we have. There are 700 investment professionals in 19 different markets in our organization. More than 200 of them are equity specialists and more than 40 are dedicated small-cap specialists. We have local offices with analysts and portfolio managers in many places around the world and we can leverage their work in the local markets. The internal research through our global platform is one of the ways to generate ideas and a key advantage because very few of our competitors,
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