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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:
- dominant market position
- sustained high return on capital
- consistent growth of sales, cash flow and earnings
- free cash flow
- balance sheet integrity
- 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.
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