The philosophical approach to our Concentrated strategy is similar to our Large Cap Value and Special Equity investment strategies. The principal difference is that the Concentrated strategy seeks to maximize return on invested capital over the long-term by investing in generally 10-15 equity securities (of U.S. issuers), whose market capitalization exceeds $1 billion at the time of purchase. Moreover, the Strategy will generally seek to have at least 80% of its assets in equity securities.*

As is the case in all of our investment strategies, our research team performs extensive bottom-up research on companies and industries focusing on qualitative factors such as restructuring potential, management strength and the ability to capitalize on improving industry fundamentals.