We employ a three-step process to identify and monitor the equity securities that we place in our clients’ portfolios.

• Identify and prioritize Secular Trends.
• Select stocks best positioned to benefit from these trends using independent sources of information (including both fundamental and quantitative evaluation) to help ensure consistency and objectivity.
• Employ a proprietary valuation model to enhance price discipline.

Capitalizing on Secular Trends

Investment Themes

• Our thematic approach serves as a long-term blueprint, or roadmap. 
• It is, by definition, more concerned with where to be invested than when. 
• We also consider cyclical influences and their impact on near-term sector rotations.

Corporate Fundamentals

• Cash Flow Trends
• Barriers to Entry
• Globally Competitive
• Strong, Invested Management

Valuation Model

• Historical actual and relative price to earnings/cash flow
• Prospective earnings/cash flow growth                    

Sell Discipline         

• A change in a company’s fundamentals
• Growth expectations fufilled/substantial overvaluation
• A change in our sector strategy
• Significantly more attractive alternatives are available

Those stocks meeting our thematic, fundamental and valuation criteria are considered for purchase.

We employ a sell discipline to further manage the risks associated with owning common stocks.