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Investment Philosophy
The Expanded Value Equity strategy uses rigorous quantitative
and qualitative research to identify companies with attractive
valuations and outstanding prospects for growth in earnings,
cash flow and dividends.
A Total Return Orientation
The Expanded Value Equity team seeks competitive total
returns through a combination of capital appreciation and
reinvested dividends. We believe that undervalued companies
that pay dividends and have a history of consistent or
improving earnings growth may offer the most promising
opportunities for long-term growth of capital and income.
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Flexible, Research-Driven Strategy
The Expanded Value Equity strategy uses an integrated
process that combines rigorous quantitative research and
company-specific fundamental analysis. Under most
circumstances, at least 75% of the holdings in the portfolio
pay a dividend. While we evaluate stocks on their own merits,
we also take broader considerations into account, including
the economic environment in which companies operate and
the industries in which they compete. The result is a dynamic,
flexible approach to value investing.
Established Companies, Emerging Opportunities
The strategy focuses primarily on established, dividend paying
companies with solid business models and positive
earnings trends. We look for catalysts such as improving
business conditions, new products or a change in
management that might help a company strengthen earnings
over the long term.
Quality and Consistency
Our focus is not just on the price of a stock or the short-term
potential of a company. We take a long-term view of how a
company is managed, how its dividend policies have evolved,
and whether the company is utilizing its current assets in ways
that will reap long-term benefits for its shareholders. We
analyze risks, to make sure that the stocks we choose today
will maintain their potential for as long as the investment
remains in the portfolio.
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