OBJECTIVE

Seeks capital appreciation using a bottom-up, disciplined value strategy, pursuing sound businesses that are undervalued relative to earnings, cash flows, assets and future prospects. Investments with strong return potential are pursued across the capitalization spectrum. Provides exposure to small, medium and large companies and reasonable diversification across sectors. Investments are concentrated in the firm’s best ideas. Investors can expect to be fully invested at all times in 20 to 30 stocks, 50% in the top 10 holdings, 10% maximum in any one stock.

This separate account strategy is designed for institutions and individuals that want high return potential from an unconstrained, index-agnostic approach resulting in a concentrated portfolio of actively managed stocks.

Q2 2008
Focused Value
Fact Sheet and Commentary