The Baltic Dry Index is the market standard for indexing dry bulk shipping rates. Prior to May , Mr. It’s really a perfect storm for the industry. For such securities, the portfolio managers use «bottom-up» analysis to choose companies which offer good value relative to their peers in the same industry, sector or region. In selecting securities of issuers located in emerging market countries, the Adviser uses a «bottom-up» fundamental analysis to identify companies which it believes have good earnings growth prospects and that can be bought at a price which seems reasonable.