An investment style is the way a manager goes about analyzing, buying, and selling stocks. Elements are the specific aspects of the stock and/or company that form the basis of the style being pursued. For example, a “valuation” style manager focuses on finding undervalued stocks. In turn, valuation style elements might include P/E ratios, cash flow valuation, and/or sum of parts valuation. Note that a valuation manager is not limited to purchasing “value” stocks, which, depending upon the information service used, are identified by having a low P/E, low P/R, and/or low P/B. That is, the valuation style is not synonymous with characteristically determined value stocks.