"When it comes to selecting the components of our [Interinvest's] portfolios, the selection process is driven by a "bottom-up" approach. We are always fundamentally looking for situations where we believe the market is mispricing an asset. That mispricing can manifest itself as undervalued property, an unrecognized product cycle, or an early-stage business turnaround. Our concept of value in these cases is often informed by our macroeconomic analysis. Additionally we keep an eye out for certain known situations, such as M&A activity or even simple news flow, that can serve as catalysts for either creating a mispricing – or collapsing it."

http://www.interinvest.com/english/investmentphilosophy/investmentphilosophy-investmentapproach.html