All Cap Portfolio Investment Strategy

Our portfolio management team strives to capitalize on stock market inefficiencies with rigorous, bottom-up fundamental research. By treating every dollar of invested capital as if it were the firm's own, we combine our philosophy with independent research and unbiased judgment. Our team buys stocks(30-40) at what we believe reflects a substantial discount to a conservatively estimated intrinsic value. This increases our margin of safety. We select companies for clients' portfolios that share these fundamental characteristics:

• - Significant free cash flow generation
• - Superior financial strength
• - Attractive return on capital
• - Franchise value
• - Dominant leaders in their industries