This value-oriented style applies a fundamental, bottom-up stock selection process to a universe of approximately 600 issues identified as potential investments from the broad range of public companies with market capitalizations in excess of $3 billion. We screen for the following criteria to reduce the universe of stocks to an active list of 100-120 issues:

1. dominant market position
2. sustained high return on capital
3. consistent growth of sales, cash flow and earnings
4. free cash flow
5. balance sheet integrity
6. management commitment to shareholders

The subsequent list is then subjected to rigorous internal research. The resulting group of 40-50 companies is monitored for valuation opportunities, with the final portfolio consisting of the 25-35 issues which we believe will provide the best long-term performance.