US Mid Cap Disciplined Growth Equity Management. Strategy Profile
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- Malcolm Pierce
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1 Strategy Profile
2 Inception Date December 1, 1999 Benchmark Russell Midcap Growth Investment Vehicles Separate Account Commingled Accounts Objective The US Mid Cap Disciplined Growth Equity strategy seeks to outperform the Russell Midcap Growth Index over a market cycle. By investing in companies screened on selective metrics and complemented by in-depth fundamental research, we believe that we can establish a portfolio of high-quality growth companies that should outperform the benchmark. 1 Not an offer to sell, or a solicitation of an offer to purchase, any securities.
3 Investment Philosophy The US Mid Cap Disciplined Growth Equity strategy s philosophy seeks to build a portfolio of high-quality, growing companies that will, over time, outperform the Russell Mid Cap Growth Index. We seek to identify companies that we regard as fundamentally sound. They are evaluated based on strong management, reliable fiscal clarity, and superior valuation and growth metrics. A critical element of our philosophy is our focus on risk management, which we believe contributes to long-term relative performance. This philosophy is embedded in a process that is a balance between return objectives, risk-tolerance and volatility. Earnings Focused Research-Driven Risk-Aware Earnings are ultimately Independent, fundamental, the key driver of stock industry-focused research appreciation is the most significant source of added value Team decision-making leverages a broad range of skills and depth Disciplined investing promotes risk management, providing a balance between return objectives, risk tolerance and volatility
4 Investment Process As we begin the process, we start with a mid-cap equity universe of companies that range from a market cap of $2 billion to approximately $12 billion (which can range between stocks or so at any given time). Our screening process is based on reported financials and driven by the following requirements: Profitable Companies: Quarter-over-quarter and year-over-year earnings comparisons must be positive High Quality: Must display higher than benchmark-median ROE and IGR (reinvestment rate) Strong Financials: Ensures companies purchased are not overly leveraged and maintain strong balance sheets; serves as a check that a high ROE is not a function of leverage; typically, the companies we invest in are not dependent on external debt financing Valuation: The stock price must be selling at a discount (20% minimum) to what we believe is its fair market value as established by our valuation model Liquidity: Although not typically an issue within mid-cap stocks, we do require a minimum liquidity level After our screens result in approximately of the most attractive growth companies, comprising our qualified list, we begin the rigorous task of fundamentally researching these companies. Fundamental analysis consumes 90% of our research efforts. In this step, we verify valuation, business fundamentals and margin strength, paying careful attention to the firm s capital structure and earnings quality. We also thoroughly research and validate factors such as the management team, their plan and visibility. Our investment team and analysts rigorously examine company earnings expectations and guidance, the competitive environment, profit margins and balance sheet changes in order to determine whether the company s financial condition is improving, static or declining. Portfolio Construction Investment Ideas Quantitative Screens Earnings Profitability Balance sheet Valuation Liquidity Qualifying Stocks Companies Research and Analysis Establish growth outlook Sustainable growth expectation Assess Management Evaluation industry positioning Most Compelling Opportunities Investment Decision Highest potential return Strongest business case Team review Portfolio Manager decision Consensus Driven Portfolio Manager implemented Highest conviction Risk controls Generally Companies 3
5 Buy and Sell Disciplines Buy We ultimately seek to purchase those companies that offer the greatest sustainable growth prospects, have strong business fundamentals (management team, plan, products, positioning), is on solid footing (a strong balance sheet) and is currently trading at a discount to where we believe the company should be valued. Our rigorous analysis is completed by our portfolio management team in tandem with our core research group to identify the best candidates for inclusion in the portfolio. Once we decide to purchase a company for the portfolio, our trading desk immediately begins to establish a position, and depending on trading parameters, will work quickly to establish an initial position of 1.5% to 2.0%. Because of the segment of the market we are involved in, most mid-cap companies have sufficient liquidity. However, we maintain a constant dialogue with our trading desk as they work to establish portfolio positions as every stock is unique given market conditions, the economic cycle and company specific issues. Growth Prospects Is growth sustainable? Fundamentals Is the business on solid footing? Valuation Is it below its fair value price? Prime Candidates
6 Sell Our sell discipline is dynamic and can be driven by our quantitative requirements, our target price/valuation metrics, fundamental issues or risk control elements. We have several automatic sell triggers. If a company in the portfolio reports two consecutive down quarters (year-over-year comparisons), the stock is sold out of the portfolio. Secondly, if a company s reported trailing- 12 months ROE goes below average, or below our hurdle rate, the stock is sold out of the portfolio. Finally, if a company s reported trailing-12 months IGR (reinvestment rate) goes below average, or below our hurdle rate, the stock is sold out of the portfolio. If a stock rises above our full-value calculation via our valuation model, we will, at a minimum, trim the position. We also have a technical sell discipline. If a stock drops 25% from either its purchase price or subsequent 52-week high, it is considered a sell candidate. If a fundamental miss causes the stock to drop 25% from its 52-week high, the majority of the time we will at least trim the position or sell the entire position. Growth Prospects Is the growth rate slowing? Fundamentals Are fundamentals weakening? Value Has the company reached fair value? 5
7 Portfolio Risk Controls and Guidelines Downside Rule Review of stocks that decline 25 percent from purchase price or subsequent 52-week high Position Size Maximum of 5 percent Sector Weights Generally, maximum of 2 times the benchmark weight. For any sector below 5% of the benchmark, the Portfolio can hold up to 10% Cash Seek to be fully invested; cash is, typically, below 5% Holdings Typically, range between 30 and 50 companies
8 Portfolio Management Team TBCAM Experience* Industry Experience Name Role (Years) (Years) Fred A. Kuehndorf Portfolio Manager 6 25 Terence J. McLaughlin Portfolio Manager 6 27 Deborah C. Ohl Portfolio Manager 6 17 George C. Saffaye Portfolio Strategist 8 18 Charles O. Vaughn Portfolio Strategist *Includes tenure at The Bank of New York Mellon Corporation affiliates. Certain employees of the investment teams are employees of The Boston Company Asset Management NY, LLC.
9 Team Biographies Fred A. Kuehndorf Senior Vice President Fred is a Portfolio Manager on The Boston Company s Disciplined Growth Investment Team. He is the Lead Portfolio Manager on the Mid Capitalization Disciplined Growth Team and is a Portfolio Manager on various Dreyfus Mutual Funds. Before joining The Boston Company, Fred was Senior Portfolio Manager with Lighthouse Dreyfus Growth Advisors and has been member of their Investment Committee since its inception. He began managing Lighthouse Dreyfus assets while at Ashland Management, Inc. Prior to joining Ashland Management, Fred worked as a Director and Senior Portfolio Manager with Deutsche Bank in New York. Fred began his career as a Research Associate with Kidder, Peabody & Co. before joining C.J. Lawrence, Inc. in the institutional equity department, and then became a Senior Vice President. Fred received a BA in Economics from The University of California at Santa Barbara and received an MBA from The University of Pennsylvania s Wharton School of Business. Terence J. McLaughlin Senior Vice President Terry is a Portfolio Manager on The Boston Company s Disciplined Growth Investment Team. Before joining The Boston Company, Terry was the Chief Investment Officer and Portfolio Manager with Lighthouse Dreyfus Growth Advisors. He was also a member of their Investment Committee since the firm s inception. He began managing Lighthouse Dreyfus Large Cap Growth assets while at Ashland Management, Inc. Prior to joining Ashland, he was associated with Kidder, Peabody & Co. and Prudential Bache Securities in the institutional equity area. Terry received a BA from St. John s University. He has served on the advisory board of the Institutional Investor Forum. He is also a member of the New York Society of Security Analysts Inc. and a past member of the New York Stock Exchange Institutional Advisory Committee. He has served on a number of committees focused on institutional investors and the investment management business. Includes tenure at The Bank of New York Mellon Corporation affiliates. Certain employees of the investment teams are employees of The Boston Company Asset Management NY, LLC.
10 Deborah C. Ohl Senior Vice President Debbie is a Portfolio Manager on The Boston Company s Disciplined Growth Investment Team. Before joining The Boston Company, Debbie was a Portfolio Manager with Lighthouse Dreyfus Growth Advisors and a member of their Investment Committee since its inception. She began managing Lighthouse Dreyfus Large Cap Growth assets while at Ashland Management, Inc. Previously at Ashland Management, Deborah was a Research Analyst. Prior to joining Ashland Management, she was employed by Kidder, Peabody & Company in the research area. Debbie received a BA in Economics from St. Lawrence University. George C. Saffaye Vice President George is a Portfolio Strategist and a member of The Boston Company s US Small and Mid Capitalization Value and Growth Investment Team. Prior to joining The Boston Company, George worked as a Portfolio Specialist on the Small Capitalization Team at Dreyfus. He served as a liaison between the small capitalization portfolio managers and Dreyfus sales and marketing professionals as well as external consultants and clients. Prior to joining Dreyfus, George worked at Credit Suisse Asset Management and Warburg Pincus, where he had been part of the team responsible for institutional client service and marketing in the Midwest region of the United States. George earned a BBA in Finance and Investments from Bernard Baruch College of the City University of New York. Charles O. Vaughn, CFA Senior Vice President Charlie is a Portfolio Strategist and a member of The Boston Company s US Small and Mid Capitalization Value and US Small Capitalization Growth investment teams. Prior to joining The Boston Company, Charlie was a Vice President with Equity Investment Corporation, responsible for portfolio management, investment research and client service. Previously, he was a Principal in the investment firm of Head-Vaughn Associates. Before that, he was a Senior Vice President with County NatWest Securities where he managed the international equity sales staff. Earlier, he was President of L.F. Rothschild Asset Management. During the course of his career, Charlie spent several years in sales and sales management with Salomon Smith Barney. Charlie received a BS in Mechanical Engineering from the University of Tennessee and an MBA from Georgia State University. He holds the Chartered Financial Analyst designation. 9 Certain employees of the investment teams are employees of The Boston Company Asset Management NY, LLC.
11 About The Boston Company Finding client solutions is what we think investing is all about. At The Boston Company Asset Management, LLC, we believe that success depends on two things: an unwavering focus on our long-term relationships with our clients and the delivery of alpha that will help them achieve their investment goals. We serve both institutional and retail audiences, including pensions, defined-contribution plans, foundations, endowments, intermediaries and mutual fund shareholders. Our equity strategies across the spectrum of value, growth and core, both US and non-us, are implemented in a consistent and disciplined fashion, using the knowledge gained from more than 30 years of investment experience. As a highly-regarded performancedriven global equity firm, we emphasize the responsibility of all employees to themselves, to their colleagues and to our valued clients at every opportunity. Working with our clients, we go beyond meeting their current requirements by anticipating their future needs. We listen and we think. If a strategy doesn t exist, we develop a new one. As we expand our capabilities, our clients grow with us. As markets and our clients needs continue to evolve, the need for sophisticated and differentiated investment solutions has grown. One of our most valued assets is our research-based, investment-led culture which emphasizes teamwork and collaboration across asset classes, sectors, industries and investment disciplines. Equal access to intellectual capital is a phrase that encapsulates what our investment teams are all about. We are a no star system and instead opt for the team approach to investing. Collaboration is the lifeblood of our investment ingenuity because it draws out the very best of our creativity, innovation and original thinking. Decision-making occurs within independent portfolio teams, organized around our long-standing commitment to accountability. Small, nimble and decisive by design, these portfolio teams are comprised of seasoned investment professionals whose first priority is the integrity of their specific investment mandates. Together we focus on the separation of alpha and beta, seeking to deliver the type of excess market returns that our clients require to meet their objectives. Our vision for the future involves an array of choices from long-only to short enabled and alternative strategies, portable alpha and related products.
12 Investment Strategies US VALUE Large Cap Value Mid Cap Value Small Mid Cap Value Small Cap Value Dynamic Value Equity Income Balanced Value CORE Large Cap Core Large Cap Core 130/30 Large Cap Focused (Opportunistic) Mid Cap Opportunistic Small Mid Cap Opportunistic Small Cap Opportunistic Diversified Equity GROWTH Large Cap Growth Mid Cap Growth Small Mid Cap Growth Small Cap Growth Micro Cap Growth Large Cap Disciplined Growth Mid Cap Disciplined Growth Balanced Growth SPECIALTY Market Neutral Sector Specific Absolute Return Research Driven Concentrated Portfolios Non-US & Global VALUE Non-US Value Non-US Value ADR Emerging Markets Value Emerging Markets Small Cap ACWI ex-us Value CORE International Core International Small Cap Emerging Markets Core Global Core Global Small Cap GROWTH International Growth Global Growth SPECIALTY Region/Country Specific Concentrated Portfolios Please visit TheBostonCompany.com for more information about our specific product solutions. 9/08
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