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((((((((Can somebody explain to me, please, when a mutual fund portfolio manager says their strategy is "top down vrs. bottom up" what exactly that means?))))))))

With a top down strategy, the manager first looks for the best sectors or industries to invest in, and then searches for the best companies within those sectors or industries.

With a bottom-up strategy, the manager focuses on the characteristics of the individual companies (such as performance, history, management, and earnings forecasts). Industry or market trends are not given much weight.
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