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| We do not believe that investing after positive or negative news is
an investment discipline.
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| Rather, NWQ seeks to uncover the factors that will drive business
improvement three months to a year in advance. This way,
portfolios can fully benefit when these inflection points and
catalysts emerge and are recognized.
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| The ingredients for change can come in many forms. For example, there are
company specific catalysts, i.e. a new management team, a shift in business
strategy, or a restructuring to "unleash" hidden assets. Change can also
come from an improving outlook for an entire industry or a changed regulatory
framework. NWQ prides itself upon an ability to think
independently and identify unique opportunities.
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| Importantly, our emphasis upon downside protection leads us to
investments in companies with attractive valuations. We believe
this emphasis limits our loss potential should the catalyst not
materialize.
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