Investment Objective
The Institutional Appreciation team seeks to achieve long term capital appreciation.
Investment Philosophy
The managers seek to provide consistent and competitive risk-adjusted returns through a market cycle by balancing upside participation in good markets, while trying to limit downside risk during difficult markets. They invest in both growth and value stocks, consisting primarily of large-cap, blue chip companies, that tend to have dominant market positions. Generally, companies in the Fund's portfolio fall into one of the following categories:
- Companies that have assets or earning power that are undervalued or unrecognized by the market, or companies whose stock price has been driven down by cyclical factors
- Companies with superior demonstrated and expected growth characteristics, whose stocks are available at reasonable prices due to temporary market or stock specific reasons
- Companies the managers believe are well positioned to sustain or increase growth at a faster rate than market expectations
Investment Process
- Define the investment universe
- Evaluate stocks using proprietary discipline
- Select securities and construct portfolio
- Review holdings continuously