Portfolio holdings consist of stocks with market values generally below $3 billion. Sector exposures are diversified across all segments of the economy

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 250 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 600 Index
Frank Russell 2000 Index

Market Cap Range:
The investment universe consists of the stocks in the S&P 600 Index plus any U.S. stock with a current market capitalization less than $3 billion having a weekly dollar trading volume greater than $2 million

Approx # of Holdings:
140-160 securities

Minimum Investment:
$2 million

Strategy Status:
Open to new investors