Research Focus

Research is an integral part of the Capital Management process. We draw on a wide range of sources for investment information, including company materials, proprietary databases, and Wall Street research. Before a new name goes into our portfolios, we write an internal report that clearly states the investment thesis. Once we invest in a company, we continually track that company to make sure it is meeting our expectations.

Our equity investment approach is oriented towards high quality companies with long-term business strengths. We look for the following qualities in our equity selections:

• A leadership position within an attractive industry. This profile must be supported by a strong, dynamic, and innovative management team. We like companies that reinvest their profits in order to develop new products, modernize manufacturing and distribution facilities, and expand into new markets.