INVESTMENT FOCUS

• Innovators and Disruptors
• Smid Cap Strategy
• Growth and Quality
• Small-Cap and Mid-Cap Growth

INVESTMENT PHILOSOPHY

• Underlying Earnings and Earnings Growth Drive Performance
• Opportunity in Small Caps
• Finding Quality Growth

INVESTMENT PROCESS

• Bottom-Up Selection
• Company-by-Company
• Balance Sheet Analysis
• Underappreciated Earnings Growth
• Smid Growth
• Earnings Power Analysis
• Fundamental Analysis
• Qualitative Analysis

RESEARCH PROCESS

• Revenue Growth Models
• Return on Capital
• Frequent Management Contacts
• Core Earnings Growth
• Expected Return Calculation
• Growth Longevity Analysis
• Earnings Growth Factors
• Sustainable Business Models
• Qualitative and Quantitative Screening
• Business and Financial Models
• Revenue Growth
• Return and Cost of Capital Analysis

PORTFOLIO CONSTRUCTION

• U.S. Small Caps
• Concentrated Portfolio
• Alpha through Security Selection instead of Sector Allocation
• Strict Sell Discipline
• Team Based Process
• Attractive PEG Ratio
• Invest More deliberately and gradually in top names

RISK CONTROL

• Risk Reward Analysis
• Stock Selection Process
• Never Compromise on Quality
• Deep Research Driven
• Multi-manager Approach
• Split Between Foundation and Opportunity Growth Stocks

• High Conviction Ideas
• Foundation Growth and Opportunity Growth