We begin by combining fundamental research and quantitative processes that contribute to idea generation, portfolio construction, and risk management.

Our equity and fixed income research analysts conduct rigorous bottom-up fundamental and quantitative research within a top-down macroeconomic framework. Sector specialists research companies globally and across the capitalization spectrum, enhancing our ability to identify evolving trends, articulate possible future value creation, and stimulate investment ideas. We perform extensive company analysis searching for potential sources of exceptional earnings growth and capital appreciation to make sector and security recommendations based on extensive top-down conclusions and fundamental analysis.

The Committee determines the firm’s overall strategic and tactical allocations, examining a breadth of opportunities. We combine rigorous fundamental macroeconomic insights with our proprietary multi-factor tactical return forecasting models to guide our asset allocation decisions. The Committee taps the expertise of our equity, fixed income, and cash management senior investment directors.

For multi-asset portfolios, we may employ outside investment managers with specialized investment expertise. The Manager Review Committee utilizes a rigorous due diligence process to select these external managers including our sub-advisors. Quantitative analysis is used to identify managers that have proven to be consistent performers. Fundamental Analysis is used to identify managers that have the talent, resources and discipline to continue to deliver competitive results. Managers are regularly monitored based on risk-adjusted performance against a battery of analytical and qualitative criteria.

Investment teams select individual securities from research ideas built through our proprietary modeling as well as the extensive fundamental analysis conducted by our research analysts.

Core Tenets Include:

• Equities — Cash flow and earnings models
• Fixed Income — Credit research and yield curve positioning
• Liquidity Management — Spread analysis and volatility management

Institutional portfolio managers construct client portfolios based on specific objectives and policy guidelines. Risk management and portfolio optimization tools are leveraged throughout the process. As your main point of contact, your portfolio manager will understand your investment objectives, unique constraints, and where appropriate, tax considerations.

The intensive interaction between our centralized research, institutional investment teams, and your personal portfolio managers creates a situation that results in our best and most insightful ideas. Additionally, we believe that interactive communication is critical to fulfilling our commitment to deliver exceptional service and provide clients with:

• Monthly reports
• Quarterly reports
• Annual reports
• As needed, special reports
• Access to your portfolio manager