• Investing in a broad range of equities, including large, mid and small cap companies, domestic and international, provides for the diversification of equity related risks.

• Having a wide range of thoroughly researched choices both in the growth and value sectors provides the flexibility to identify attractive equities at any point in the inevitable market cycle.

• Continuous monitoring of our proprietary Economic Model, and the relative valuation between growth and value shares, has enabled us to enhance returns by periodically tilting equity portfolio composition.

• For taxable clients, our low turnover approach, averaging less than 20% per annum, supports our effort to manage toward high after-tax returns.

• Stock returns must compete successfully against bond yields.

• Maximum industry concentrations and position sizes are carefully managed to reduce equity portfolio risk.