Investment Approach

• Focus on companies possessing a market cap within the range of those included in the Russell 2000 Growth Index at time of purchase with at least 15% sustainable annual earnings growth.
• Integrate fundamental research to identify the long-term winners — face-to-face meetings with company management are critical.
• Determining the sustainability of growth drivers is key.
• A long-term orientation, coupled with a low-turnover approach, can allow earnings to compound and can reduce trading costs.
• Assess valuation relative to expected growth.
• Identify and own small emerging growth companies that can be much larger over time.
• Investing in small companies involves greater risk than is customarily associated with larger companies, since small companies often have limited product lines, markets, or financial resources.