Strategies

Focus Value

FOCUS VALUE seeks a long-term, above-average absolute return by investing in a concentrated portfolio of small-capitalization companies at a discount to our estimate of intrinsic value. Our primary risk constraint is to minimize the potential for permanent loss of capital. The portfolio employs a non-diversified, conviction style of investment, typically holding 15 to 25 equity positions and cash positions of less than 10%, typically averaging 7%.

PORTFOLIO GUIDELINES:

• • Market caps limited to $5.0 billion at purchase
• • Positions limited to minimum of 3% and maximum of 8% at purchase
• • Maximum position size typically 12%
• • Number of holdings will range from 15 to 25
• • Cash typically averages 7%
• • Major sectors limited to 3x benchmark
• • Annual Portfolio Turnover 20-40%