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Fund Overview
Investment Objective
Long-term capital appreciation
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Fund Characteristics
A diversified portfolio of equity securities of mid cap companies.
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Investment Approach
- We believe the key to successful investing is striking a balance between attractive valuations and solid fundamentals
- Seeks to identify undervalued companies with sound business fundamentals
- Favors companies that are trading at low price/earnings and price/cash flow multiples, possess strong balance sheets with solid cash positions and little or no long-term debt, and have low ratios of market value to sales
- Key investment criteria include: a stock price at a material discount to a company’s intrinsic value, a reasonable expectation of improving profitability over the next three years, a skilled and committed management team, a strong capital structure, and positive corporate change within a three-year investment horizon
What Makes this Fund Different?
There are three key components to the Team’s investment process that they believe differentiates the Fund, adds objectivity and adds value:
1. The Team believes the Fund’s front-end quantitative model is very effective at helping the Team identify new ideas efficiently and monitor holdings once they are in the portfolio.
2. In-depth, company specific models synthesize the balance sheet, cash flow statement, and income statements of companies and help the Team ultimately derive the firm’s “Free Cash Flow ROIC.” These models are critical in helping the Team identify potential areas for value creation, monitoring fundamentals, and tracking valuation/setting price targets.
3. The Team believes a collaborative and unanimous decision making process, yet having team members focus their research time on their specific areas of expertise, allows for a system of checks and balances while ensuring deep company knowledge.
Why consider the Mid Cap Value Fund?
We believe the Fund offers:
- Commitment of a stable, active-employee owned firm
- Strong tradition of fundamental research
- Robust analytics to focus research
- Detailed analysis and due diligence
- Consistent and disciplined process
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Investing in smaller and medium capitalization companies involves special risks, including higher volatility and lower liquidity. Mid Cap stocks are also more sensitive to purchase/sale transactions and changes in the issuer's financial condition.
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