Institutional Management

Objective: to outperform the Russell 3000 Value Index over a market cycle

Framework:

• Invests in U.S. stocks across market capitalizations >$1 billion
• Portfolios typically consist of 65-75 stocks
• Initial position sizes range from 1%-2%; maximum position size of 5%
• Maximum sector exposure 35% (typically within 10 percentage points of benchmark weighting)

Objective: to outperform the Russell 1000 Value Index over a market cycle

Framework:

• Primarily invests in U.S. stocks and ADRs with market capitalizations >$10 billion
• Portfolios typically consist of 55-65 stocks
• Initial position sizes range from 1-2%; maximum position size of 5%
• Maximum sector exposure 35% (typically within 10 percentage points of benchmark weighting)

Objective: to outperform the Russell 3000 Value Index over a market cycle with a volatility profile similar to the index.

Framework:

• Invests in U.S. stocks across market capitalizations >$500 million
• Portfolios typically consist of 25-35 stocks
• Focus on maintaining high active share
• Initial position sizes range from 1-4%; maximum position size of 10%
• Sector weights may vary significantly relative to the benchmark

Objective: to outperform the Russell 3000 Value Index over a market cycle while generating above-benchmark yield

Framework:

• Invests in U.S. stocks and ADRs with market capitalizations >$1 billion
• Portfolios typically consist of 45-55 stocks
• Focus on companies with relatively stable cash flows, strong balance sheets, and history of growing dividends
• Initial position sizes range from 1%-5%; maximum position size of 5%
• Sector weights may vary significantly relative to the benchmark

Objective: to provide a stable stream of after-tax income with a high quality, conservative, and actively managed municipal bond portfolio

Framework:

• Portfolios are generally comprised of approximately 33 individual municipal bonds, providing a balance of liquidity and diversification
• Bonds are purchased with the client’s individual tax circumstances and sensitivity in mind
• This is especially important for clients living in states with high income tax rates
• Individual bond credit quality of BBB or better, with an average rating of AA
• Active management allows us to tailor portfolios to accommodate individual client requests and investment policies

Objective: to provide a stable stream of income with a high quality, conservative, and actively managed taxable bond portfolio

Framework:

• Portfolios are generally comprised of approximately 20 different positions of U.S. Treasuries, agencies, and corporate bonds
• Corporate bonds are limited to no more than 3.5% of the fixed income portfolio
• U.S. Treasury and agency positions may be more concentrated due to the low credit risk and high liquidity of these securities
• Individual bond credit quality of BBB or better, with an average rating of AA
• Active management allows us to tailor portfolios to accommodate individual client requests and investment policies