Value Funds

Funds

• NWQ Multi-Cap Value

• NWQ Large-Cap Value

• Large-Cap Value

• NWQ Small-Cap Value

• NWQ Small/Mid-Cap Value

• Tradewinds Value Opportunities

¹ NWQ Investment Management Company, LLC serves as the sub-adviser to the Fund. NWQ is an affiliate of Nuveen Investments, LLC; both of which are wholly-owned subsidiaries of Nuveen Investments, Inc.
² Institutional Capital LLC, HydePark and Symphony Asset Management, LLC serve as sub-adviser to manage the Fund’s portfolio.
³ Tradewinds Global Investors, LLC serves as sub-adviser to manage the Fund’s portfolio.

Our Value Fund Manager: NWQ

Founded in 1982, NWQ Investment Management Company, LLC (NWQ) utilizes a value-driven investment strategy whose aim is to provide long-term capital appreciation. NWQ applies a bottom-up approach, relying on rigorous research to identify undervalued companies with perceived catalysts to improve profitability and unlock value. The research focus is to identify attractive but relatively inexpensive stocks with qualitative and quantitative strengths. We term this approach “opportunistic value investing”.

NWQ's stock selection process is driven by strong bottom-up fundamental research that begins with a universe encompassing approximately 3,000 companies. The universe excludes stocks below $100 million in capitalization. Special situation stocks, including ADRs, are occasionally included in the universe. The research team closely follows about 300 companies that both meet particular fundamental and qualitative valuation screens selected by the sector analyst and possess an identifiably strong catalyst. Nuveen offers two funds that are sub-advised by NWQ, the International Value Fund and the Multi-Cap Value Fund.

Fundamental measures include price-to-cash flow, price-to-sales, price-to-earnings, price-to-book and earnings quality. Qualitatively, NWQ focuses on management strength, corporate strategy, competitive position and shareholder value orientation. NWQ does extensive bottom-up research on each current and potential common stock holding, having direct contact with corporate management and assessing the expected risk/reward ratio of an investment to try to determine the absolute downside versus the expected upside. Upon identifying stocks with attractive valuation characteristics, determining the degree of visibility and the conviction NWQ has in the catalyst that is expected to drive investment results, and upon evaluating industry/sector exposure and liquidity/ability to execute, the process culminates in the selection of 40-60 securities.

Our Value Managers: ICAP, HydePark and Symphony

Institutional Capital LLC (ICAP)
Since 1970 ICAP has distinguished itself with its rigorous, highly disciplined approach to value investing. Renowned for identifying undervalued stocks with strong growth prospects, ICAP has delivered a competitive long-term track record for its clientele.

HydePark
HydePark evolved from twenty years of work in portfolio analysis and risk control products. David Tierney, PhD is the creator of HydePark’s “Wealth Creation Process”. The process has been used to manage assets since January of 2000. The HydePark investment process is driven by fundamentals and is heavily grounded in quantitative techniques. The goal is to produce consistent value-added results in all types of markets. The process embraces the classic notion that prices must follow fundamentals and seeks to capture value-added returns through disciplined risk control.

Symphony Asset Management (Symphony)
Symphony Asset Management believes that investment success requires a disciplined process, blending the best of sophisticated quantitative analysis with the clarity of human insight and thorough risk management processes. Given the dynamic nature of the equity markets, they believe there are always pockets of inefficiency where market segments and individual securities are mispriced. Through their multi-step research processes, they identify and exploit these areas of misvaluation with their industry-leading capabilities in returns forecasting and risk management.

Our Value Fund Manager: Tradewinds

Tradewinds seeks to provide superior risk-adjusted returns through an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

• Adhere to value philosophy.
• Capitalize on short-term market inefficiencies - fear, greed and misperceptions.
• Active management, unswayed by the consensus.

Tradewinds' disciplined investment professionals select securities by conducting rigorous, independent, bottom-up fundamental analysis. They apply fundamental valuation metrics, while analysts also focus on qualitative factors such as economic comparative advantage. Tradewinds' process is distinguished by deep specialization, fundamental analysis and transparency.

• Attractive Valuation - Apply a corporate finance perspective that emphasizes absolute valuation in addition to extensive cash flow and balance sheet analysis.
• Franchise Quality - Identify companies with strong fundamentals, e.g. strong franchise, competitive position in industry.
• Favorable Risk/Reward - Seek favorable risk/reward and downside protection in a portfolio context.