Sector diversified portfolio of reasonably valued U.S. companies with market values generally in excess of $5 billion

Investment Objective:
Through a combination of proprietary quantitative, fundamental and behavioral valuation techniques, we seek to identify and invest in companies that are likely to be the beneficiaries of future favorable earnings announcements and upward earnings estimate revisions.

Excess Return Objective:
Greater than 300 basis points, gross of fees.

Excess return objectives are relative to an approved benchmark over a 3-5 year period. This time horizon is relevant given that this investment process can not eliminate the possibility of negative random events driving performance for short periods of time.

Tracking Error Objective:
Approximately 4-6%

Tracking error objectives are relative to an approved benchmark over a 3-5 year period. This time horizon is relevant given that this investment process can not eliminate the possibility of negative random events driving performance for short periods of time.

Benchmarks:
S&P 500 Index
S&P Barra Value Index
Russell 1000 Value Index

Market Cap Range:
The investment universe consists of the stocks in the S&P 500 Index plus any U.S. stock with a market capitalization greater than $10 billion

Approx # of Holdings:
30-35 securities

Minimum Investment:
$2 million

Strategy Status:
Open to new investors