Portfolio holdings reflect U.S. companies that generally have market values between $3 billion and $10 billion . . . Investments are made in all economic sectors

Investment Objective:
Through a combination of proprietary quantitative 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. Involvement of the BRC fundamental equity analysis team is minimal in these highly diversified portfolios.

Excess Return Objective:
Greater than 200 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 400 Index
Russell Midcap Index

Market Cap Range:
The investment universe consists of the stocks in the S&P 400 Index plus any U.S. stock with a market capitalization between $3 billion and $10 billion.

Approx # of Holdings:
70-80 securities

Minimum Investment:
$2 million

Strategy Status:
Open to new investors