US Equities

Investment process

• Drawing from decades of investment experience, we systematically evaluate important fundamental variables
• Characteristics and weights vary by sector based on their ability to add value
• Composite score ranks stocks within each sector

Systematic Fundamental Analysis

Bottom-up Fundamental Research:

• Stock prices reflect earnings
• In depth company research is focused on developing a learned view on earnings prospects
• A good opportunity needs to be examined in context

Five Questions We Routinely Ask:

1. Does the systematic fundamental analysis score accurately reflect the operating fundamentals?
2. Are these conditions sustainable?
3. Is there a valuation opportunity relative to its own history and its own peers?
4. Is there anything on the horizon that will make other investors care (identifiable catalysts)?
5. Are there any external factors that might affect this stock more meaningfully than other candidates?