EQUITY MANAGEMENT

Our central tenet in managing stocks is focused on the selection of securities which we believe will outperform the broader markets.

We utilize a series of well-defined, established processes in order to select securities in the growth and value categories. Our analysis requires that each security we select be subjected to rigorous assessment in several arenas:

Once a security has been subjected to the analytical filters outlined above, we establish price targets for each selected security; perform a detailed assessment; develop an investment thesis and then initiate or add to a portfolio holding, reestablish a price target (either up or down) or decide to reduce or eliminate a portfolio position.

We believe this is an iterative cycle for each security and that the discipline associated with the continual analysis and reevaluation of new and existing securities will result in superior returns for our clients' portfolios.

We manage a number of different strategies for our clients, including large cap, mid cap, small cap, all cap and several concentrated portfolios suitable for certain clients.

Across the capitalization spectrum of our strategies, we choose growth investments by seeking companies which have sustainable competitive advantages and which have products or services which generate significantly greater than average potential for revenue and earnings growth. Using our analytical techniques and disciplines, we seek to identify securities with valuation levels below our assessment of future values, allowing for significant growth in valuation over time.

In choosing value-oriented investment opportunities, we seek to identify companies whose stocks are undervalued by the marketplace for reasons, in our opinion, which are not justified by future prospects. We look for companies with underappreciated but stable earnings and cash flow characteristics and where we believe, based on our research and analysis, that there are visible and imminent inflection points and catalysts which will result in increased earnings and cash flow, driving stock appreciation.

We apply a unique approach to leveraging our large and mid cap core portfolios by carefully weighting the relative mix of growth and value stocks in the various strategies, allowing us to take advantage of both stock selection and market direction.

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