both qualitative and quantitative factors and recommend the proportions to invest managing the outcomes when a process is in place is much easier for example the investor may decide to invest in chosen ipos with a view to selling them on listing so the long lists can be simply all the ipos on offer when the investor has funds to apply the filters could in clude quality of lead managers price range of the ipo and grading an investor could have a process that requires an ipo to be priced not over 250 with identified lead managers having a top quality grad ing the portfolio construction might in volve investing 1 lakh in each ipo and not over 10 lakh at any time consider the outcome of this process the objective is to sell on listing which means the bet is purely on the price the strategy will require quick selling and turnaround of capital and will utilise the capital efficiently over time this does not involve conversion of a failed ipo into a longterm holding the process will seek the next set of ipos to invest in the fil ters themselves can be modified on the basis of experience but once set they will determine whether an ipo will qual ify or not the construction process will ensure that too much money is not bet on one ipo it will also benefit from realis ing the profits that can fund intermittent losses investors can deploy such process es for creating their mutual fund portfo lios for investing in bonds or for any as set that they seek to create there are sev eral benefits to such process orientation it is easier to see how the portfolio is do ing and to ask what needs to be altered the errors in selection and construction are stark because the alternative out comes are clear the focus on research and data to complete the long list as well as the filters make the process robust and also demands more work from the adviser it also becomes easier to evalu ate the choices when the criteria are pre set for example an investment process for equity funds will throw up index funds as a cheap and dependable choice unless investors and advisers believe they have the prowess to always identify winners turn to what you are holding and ask if you would have been better off with a process you will find the answers