Small Cap Growth

Key Investment Tenets

Growth

Profitability

Franchise

Valuation

  • Positive revenue and earnings growth

  • Strong competitive position in stable, expanding industry

  • Positive earnings

  • Free cash flow positive

  • Established profit margins

  • Management focused on core business and aligned with stakeholders’ interests

  • Prudent use of debt and leverage

  • Evaluate relative to history, peers, and economic conditions

Strategy Highlights

STYLE: Small Cap Growth

INCEPTION: 7/1/2013

BENCHMARK: Russell 2000 Growth Index

CONCENTRATED: Target Number of Holdings 35-45

DIVERSIFICATION TARGETS: 5% maximum individual security weight & 25% maximum exposure to a particular industry, in general

LOW TURNOVER: 25 to 50% annually

FULLY INVESTED: Average cash allocation of 1 to 5%

Investment Policy Committee

Gregg O’Keefe, CFA Committee Chair

Amy Noyes, CFA

John Fitzgerald, CFA

Noel Blair, CFA

Eric Meyers, CFA

Nick Koup, CFA

Investing involves risk. Principal loss is possible. Before investing, consider the investment objectives, risks, charges and expenses.