Our approach to equity investing focuses on constructing a diversified portfolio of growth and value companies that have superior qualitative and quantitative characteristics.

• We use a "bottom-up" or fundamental security selection discipline to choose investments. The process includes having a thorough understanding of each business, interaction with management and sound financial projections.
  
  
• Our research effort is focused on high-quality companies with powerful franchises, oligopolistic or monopolistic business structures, consolidating markets and strong management teams.
  
  
• We emphasize growth and value companies with strong financial records, including strong sales and earnings growth, attractive long-term growth rate, low debt ratio and high return on equity. We act opportunistically and purchase stocks at reasonable valuations.
  
  
• We focus on large and mid capitalization companies. Portfolios are diversified by industry group to reduce overall volatility.
  
  
• We utilize a diversified selection of exchange-traded international equity funds to gain foreign exposure.
  
  
• We are long-term investors and intend to hold stock investments for a minimum of 3-5 years. Positions are sold or trimmed if fundamentals deteriorate or security appears overvalued. Portfolio turnover is below the industry average.