Focused Domestic Equity

SMID Cap Core

Objective

Generate strong risk‑adjusted returns in a focused portfolio of small and mid-cap stocks invested across the business life cycle.

Overview

SMID Cap Core invests primarily in stocks of U.S. companies with at least 80% of its net assets in companies having market capitalizations within the range encompassed by the Russell 2500 Index at time of purchase. The strategy selects stocks based on fundamental research. The team’s research is focused on long-term drivers of an underlying business, including Reason for Being analysis and understanding a company from a customer’s viewpoint. The strategy constructs its portfolio with a combination of Mature (30-50%), Established (30-50%) and Emerging (<25%) businesses. In each investment, we seek promising companies trading at a discount to our calculation of long-term intrinsic value.

Portfolio Managers

Characteristics

Number of Positions: 20-35

Maximum Position Size: 10% at time of purchase

Universe: Primarily U.S. stocks > $100m market cap

Maximum International Exposure: 25%

Maximum Cap Restrictions: At least 80% of the portfolio within market cap range of Russell 2500

Benchmark: Russell 2500

Multi-Cap Core

Objective

Generate strong risk-adjusted returns in a focused portfolio of stocks invested across the business life cycle.

Overview

Multi-Cap Core invests primarily in stocks of U.S. companies in all market cap ranges. The strategy selects stocks based on fundamental research. The team’s research is focused on long-term drivers of an underlying business, including Reason for Being analysis and understanding a company from a customer’s viewpoint. The strategy constructs its portfolio with a combination of Mature (30-50%), Established (30-50%) and Emerging (<25%) businesses. In each investment, we seek promising companies trading at a discount to our calculation of long-term intrinsic value.

Portfolio Managers

Characteristics

Number of Positions: 20-35

Maximum Position Size: 10% at time of purchase

Universe: Primarily U.S. stocks > $100m market cap

Maximum International Exposure: 25%

Maximum Cap Restrictions: Primarily stocks > $100m market cap

Benchmark: S&P 500

Long/Short Equity

Objective

Generate strong risk-adjusted returns in a long/short portfolio of focused Multi-Cap Core stocks and ETFs invested across the business life cycle.

Overview

Long/Short Equity invests primarily in stocks of U.S. companies in all market cap ranges. The strategy invests both long and short. Net exposure is generally limited to 30-50%. The long book will generally match the holdings and weights of the Multi-Cap Core strategy. The strategy selects long investments based on fundamental research. The team’s research is focused on long-term drivers of an underlying business, including Reason for Being analysis and understanding a company from a customer’s viewpoint. The strategy constructs its long portfolio with a combination of Mature (30-50%), Established (30-50%) and Emerging (<25%) businesses. In each investment, we seek promising companies trading at a discount to our calculation of long-term intrinsic value. The short book will be composed of individual stocks and ETFs. The goal of the short book is to generate alpha and to hedge basket/factor/sector/market cap and geographic exposures within the portfolio.

Portfolio Managers

Characteristics

Number of Positions: 20-35

Maximum Position Size: 10% long/3% short

Universe: Primarily U.S. stocks > $100m market cap

Maximum International Exposure: 25% of gross portfolio assets

Maximum Cap Restrictions: Primarily stocks > $100m market cap

Benchmark: S&P 500 + HFRI Equity Hedge