Equity Investment Process

Our portfolio managers utilize independent securities analysis and proprietary screening of various databases as well as research from Wall Street and regional firms to select stocks. The portfolio managers are not constrained by market caps and can buy across all capitalizations if price represents a significant discount to our estimate of intrinsic value.

Investable UniverseBuy DisciplineRisk ControlsSell Discipline
Primary benchmark is selectedPurchase shares of companies that we believe are financially sound when they are out of favor and attractively priced

Stocks are evaluated by placing an emphasis on companies with what we consider to be superior business characteristics, including high return on equity, high profit margins, above-average revenue growth prospects, low debt and are attractively priced
Diversify across industries

Generally limit position sizes from 1-3% at time of purchase

Top-down/Macro adjustments
Stock price exceeds our estimate of intrinsic value

Company fails to achieve expected financial results

Economic factors or competitive developments adversely impair the company's value

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