Risk Management

Sell Discipline

• Overvaluation
• Fundamental deterioration
• Catalyst(s) played-out
• Significant change in original thesis
• Stronger investment opportunity exist elsewhere


• Diversify across most sectors and industries, offering what we believe are the best current opportunities in the marketplace

Portfolio Restrictions:

• No single investment will exceed 5% of the portfolio
• Sector allocation will be constrained to no more than two times the benchmark weighting or 35% of the portfolio.
• Portfolios will be fully invested with cash not to exceed 10%.
• Initial purchases will vary between 1% – 3%.
• ADRs will not exceed 15% of the portfolio value.