INVESTMENT PHILOSOPHYWe seek to invest in attractive businesses that grow in value over time when the market presents them at bargain prices. We utilize a value philosophy, applied to a broad spectrum of investment opportunities giving us the flexibility to invest across both “growth” and “value” equities and market cycles. We look for moments when the market serves up opportunities to purchase these companies at bargain prices, which is often due to short-term investor perceptions, temporary business difficulties that should improve or as-yet undiscovered opportunities and unrecognized changes for the better in our view. MAIN OBJECTIVESWe believe that having the flexibility and mindset to look across the broad spectrum of investment opportunities allows us the ability to invest in compelling, well-understood businesses with shareholder-oriented managers and a margin of safety. Value Philosophy Take advantage of price fluctuations to obtain investment bargains on purchasesMargin of Safety Incorporate a margin of safety in our valuation analysis to reduce riskBusiness Owner MindsetApproach investing as long-term owners of businesses rather than stocks. Look for quality management teams.Long-Term PerformanceResulting in a track record of long-term attractive performance across both growth and value cyclesINSIGHTS EquitiesFlexible Equity Strategy: Portfolio Manager Maneesh Bajaj Discusses His Investment ApproachManeesh Bajaj, CFAEquitiesEquity Beat: Can Semi Stocks Keep Knocking Our SOX Off?Eric Gordon, CFA