The investment objective of our large cap growth product is to consistently outperform the broader market and most other managers in our peer group over the long-term, while assuming only moderate risk.

Investment Philosophy

We believe that earnings growth is the primary driver of long-term stock price appreciation. Accordingly, our efforts focus on identifying high quality large cap growth companies that are able to deliver sustainable above average growth in earnings. We invest in companies with growing earnings driven by solid franchises, superior financial strength, proven management teams and powerful products/services. We hold the view that such exceptional companies not only have the potential to contribute outsized returns to the portfolio, but are also inherently less risky, as their greater earnings stability offers a “Margin of Safety” that typically results in less volatility during declining markets.

Philosophical Tenets

•	Over the long-term, share prices follow earnings growth
•	High quality businesses with strong franchises and solid fundamentals (high free cash flow, low debt, strong ROE, solid management, etc.) typically generate more sustainable long-term earnings growth
•	Companies with greater earnings stability offer a “Margin of Safety” as they tend to outperform in declining markets
•	Concentrated portfolios allow for greater total return potential