The initial focus is to determine the proper asset allocation to meet each client's objectives. Each allocation is tailored to produce the level of return and risk as defined in the written investment objectives statement prepared for each client.
   
Purchase and sell decisions are always research based. We carefully examine companies whose securities we consider for purchase and closely track those in which we have positions.
   
To select equities for our clients' accounts, we screen a universe of stocks to obtain a working list we believe merits serious consideration. After extensive quantitative and qualitative research, we reduce this universe to a maximum of 100 stocks. From this Active List, approximately 50 stocks are included in a client's portfolio.
   
The decision to include a stock on our Active List is made collectively by the Investment Policy Committee. No portfolio manager alone can put a stock on the list. This means that each client receives the benefit of the best thinking of our investment team.
   
We believe it is impossible to time the stock market. Cyclical factors should be considered, but trying to anticipate highs and lows in the market is speculation. Our focus is on long-term investment results.
   
As with our equity approach, fixed-income management is designed to add value. We do not want to mirror the performance benchmarks but to outperform them within the guidelines of each client's objectives.