Traditional Equity Management

We believe that:

• Over long periods of time, value investing produces superior investment returns
  
  
• Quantitative analysis can increase the probability and consistency of investment success
  
  
• Well-trained, highly motivated analysts add incremental value through in-depth independent analysis

Investment Approach

Therefore we:

• Apply systematic quantitative analysis to identify companies and industries that have favorable return potential
  
  
• Maintain a deep and experienced analytical team to perform comprehensive company, industry, and macroeconomic analysis
  
  
• Take a team approach by encouraging constructive debate of investment ideas
  
  
• Rely on strong buy/sell disciplines to ensure adherence to our value philosophy

This approach supports creative, independent analysis, grounded in quantitative disciplines that drive consistency over time.

Investment Process Overview

Please refer to the following for a graphical representation of our complete investment process, followed by a brief description of each phase.