The White Funds Management investment process is based on a foundation of fundamental analysis, combined with a defined decision making structure.

Important elements of our process are:

Research & Analysis 
Our investment management team undertake a structured process of research and analysis, which seeks to obtain a qualitative and quantitative portrait of the short, medium and long term earnings which are realistically achievable for each stock in which we seek to invest, as well as the risks or certainty associated with the achievement of those earnings.

Normalisation
We dissect and analyse divisional earnings and margins to identify the cyclical component of those earnings, and as a result determine through-the-cycle profitability as well the variation between peak and trough earnings.

Macro-Analysis
Our analytical team research macro influences including global and domestic economics, interest rate and property markets. This provides us with an insight into the macro influences which impact on segments of the Australian stock market, an important element in identifying trends, turning points and broad drivers impacting on future earnings.

Valuation and Implied Earnings
We assess valuation and the short, medium and long term earnings outlook factored into the current stock price through our quantitative Valuation and Growth model utilising amongst other factors, the marginal cost of future earnings growth, forecast earnings, and marginal returns on equity.

Momentum Factors
Our investment team steadily monitor changes in risks, earnings drivers and market perceptions to facilitate the early identification of changes to longer term value and to ascertain the primary influences on short term price movements.

Decision Making Criteria
We utilise a defined process for decision making, taking into account the key drivers of stock performance including valuation (& expected return) derived from future earnings, momentum considerations including the near term earnings outlook, catalysts, risks to future earnings, market conditions, and corporate quality.