Our objective is to own companies with strong competitive positions and formulas for growth that are both proven and sustainable. While our decision-making approach is fundamental in nature, and driven by a bottom-up analytical research process, asset allocation and sector weighting decisions add to our analysis. Sector weights are the net result of the risk/return dynamics of individual securities as well as the growth outlook for particular industries and the economy at large; they are not a direct function of benchmark index weighting. Along with effective stock selection, this is where alpha, or outperformance, has been generated. Our thoughtful approach to sector over-and under-weighting can add value in advancing markets while offering downside protection in difficult market environments.

	portfolios will be prudently diversified an at least 20 industries, with a maximum of 40 high quality, growth securities, and maintain exposure to up to 8 of the sap 500 stock index's economic sectors.
	sector weights will not exceed 25% of the portfolio market value or 2.5 times the appropriate benchmark index weight, whichever is less.
	individual stock weights are limited to 5% of the portfolio's market value to further control risk.
	high-quality, mid capitalization companies ($2.5 billion market-cap minimum) are exchange-listed american depositary receipts are limited to 10% each of a portfolio's market value. On a combined basis, these two categories are less than 15% of portfolio value.
	cash reserve balances carry a maximum of 15% of portfolio assets, we are investors and do not ascribe to market-timing. in normal market environments cash equivalents have averaged 3%-5% for liquidity reasons

We can accommodate limited investment restrictions on individual securities or industries with alternative selections, provided that the client understands that portfolio performance will differ from a fully-discretionary account.