FOCUSED PORTFOLIO We believe the performance of individual companies should drive a portfolio's returns. Owning 25-30 stocks allows each holding to contribute meaningfully to performance, yet provides sufficient diversification over time.
MARKET CAP The All Cap Equity Strategy has the flexibility to own companies of all sizes. Rather than establishing arbitrary market cap allocations, we allow our screening process to identify attractive investments and position portfolios accordingly.
TIME HORIZON We manage portfolios for the long run, seeking long-term outperformance rather than attempting to outguess short-term market gyrations. Owning good businesses for long periods of time is an important part of our process, which keeps our portfolio turnover low—generally 20%-35% annually.
RISK We think of risk in terms of the potential for permanent loss of capital. We manage this risk through analyzing and monitoring our portfolio on a company-by-company basis.
PATIENCE We believe our approach will be successful over the long run, but recognize it may fall out of favor from time to time. We are committed to the consistent execution of this philosophy and will not waver in reaction to short-term market trends.


QUALITY BUSINESSES Business Visibility: Clear business model & sustainable competitive advantage. Financial Flexibility: Strong balance sheet, significant free cash flow generation. Growth Prospects: Healthy growth enhances a company's value over time. Trustworthy Management: Effective stewards of shareholder capital.
ATTRACTIVE PRICE We combine multiple valuation models to estimate each firm's value. These values guide our purchase and sale decisions. We believe owning stocks trading at a discount to intrinsic value enhances returns over time, and creates a margin of safety which reduces portfolio risk.


Standard & Poor's 500 is a basket of 500 stocks that is weighted by market value, and its performance is thought to be representative of the stock market as a whole. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Value Index measures the performance of the broad market value segment of the U.S. equity market. It is not possible to invest directly in the S&P 500, the Russell 3000 Index, or the Russell 3000 Value Index.