INVESTMENT FOCUS

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

INVESTMENT PHILOSOPHY

• Long-Term Investor
• Long-Term Optimist
• Quality Focus
• Research Driven
• Disciplined Investing
• Growth Leaders
• Innovation Driven
• Capital Protection
• Concentrated Investing

INVESTMENT PROCESS

• Bottom-Up Selection
• Company-by-Company
• Identifying Disruptors
• Seeking Positive Fundamental Change
• Earnings Power Analysis
• Fundamental Analysis

RESEARCH PROCESS

• Fundamental Analysis
• Company Visits
• Revenue Growth Models
• Bottom-up Selection
• Core Business Runway
• Improving Financials
• Pricing Power
• Expected Return Calculation
• No Macro Overlay
• Growth Longevity Analysis
• Sustainable Business Models
• Business and Financial Models
• Size of Disruption

PORTFOLIO CONSTRUCTION

• Benchmark Aware
• Concentrated Portfolio
• Let Winners Run
• Strict Sell Discipline
• Collaborative

RISK CONTROL

• Stock Selection Process
• Downside Control
• Permanent Loss of Capital
• Position Size
• Never Compromise on Quality
• Deep Research Driven
• Management Trust
• Performance Preservation

• 40 Years of Consistent Focus