Gryphon's investment philosophy is that value can be added to client benchmarks by both security selection and by actively managing the asset mix.

We recognize that in every environment, the outlook always has an element of uncertainty, and we account for this in portfolio structure, both at the asset mix level and within the asset sectors.

Gryphon's investment process begins by first developing a broad based macroeconomic view of the world. This involves developing forward estimates and price levels for the key North American markets, forecasts of both long and short-term interest rates, gross domestic product, inflation and other macroeconomic factors. Based on these forecasted variables, a range of independent scenarios is developed and assessed for the likelihood of occurrence. This forecasting technique helps us determine the return and risk profile for individual asset classes. This also ensures a continuous recognition of the risks inherent in our current strategy as well as a full range of alternate portfolios. Should there exist a more favourable risk/return strategy, it is implemented.