Summary

• Utilizes a classic value-driven fundamental investment process.
• Seeks to identify companies believed to be selling at a discount to their intrinsic value.
• Employs five valuation screens that seek to identify attractively priced securities.
• Conducts in-depth research and analysis on the securities that pass the valuation screens in an effort to identify leading companies selling at attractive valuations.
• Examines financial statements and assesses the company's management team, competitive strategy and its current market position.

Market Recap

Style factors across our asset class provided a modest benefit because lower volatility stocks outperformed higher volatility stocks. Within the benchmark, lower-volatility quintiles outperformed higher-volatility stocks. The smallest and largest market capitalizations underperformed. The highest return