188 Our investment process in the GAM UK Equity Income Fund is focused on stocks of all sizes. The fund aims to provide income and capital growth through investment in predominantly British stocks with an emphasis on cash-generative companies. We meet managers and conduct on-site visits in order to hunt out cheap companies that have been overlooked by the wider UK equity market. Our investment process follows four main stages. Firstly, we do a cash-flow analysis to gauge which companies have a high cash-flow yield. The second stage, which involves an assessment of the firm’s sector, entails a detailed analysis of environmental and social governance (ESG) and also prevents distressed companies from entering the portfolio. The third stage is a management review. This is pivotal, as it enables us to sit down with management teams. Finally, in the fourth stage, we undertake a timing analysis – determining when the stocks should enter our portfolio. Stronger sterling helps smaller stocks You Might Be Interested In UNHCR clarifies: Changes in cash assistance related to qualification mechanism, not funding cuts Sheffield’s Sitehop Raises £5m to Advance Cybersecurity Encryption Britain Agrees $100 Million Trade Finance Deal to Enhance Africa’s Food Security Dollar Nears Parity with Euro Zimbabwe Capital Markets Conference to Highlight Investment Opportunities Science Collaboration Offers Hope for De-escalation in South China Sea Tensions