Mid-Cap Growth Strategy

Investment Objective:
Long term growth of capital

Investment Strategy:
The growth portfolio invests in companies with market capitalizations of between $1 billion and $10 billion.

The primary focus of our equity philosophy is that earnings growth is the central influence on common stock prices. Accordingly we are seeking those companies with improving earnings or those that are undergoing changes that will convert an indifferent earnings record into a dynamic one. Key considerations when considering a stock for purchase are:

• Expected Earnings growth generally 15% or better
• Return on Equity generally 15% or better
• Management must own stake in the company
• P/E ratio must be near the mid point of historical range

A typical portfolio will generally contain the stocks of 35 companies and be broadly diversified across a number of industry sectors.

We are buy and hold investors and this has historically led to tax-efficient returns.

Our goal is to produce competitive returns with lower levels of risk.