A U.S. equity strategy that is currently managed versus the S&P MidCap 400^® index. The methodology can be applied to any reasonable U.S. equity index. The majority of value added by the strategy is from stock selection. The ideal stock has:

• Earnings growing faster than consensus expectations;
• Strong cash flow to support continued earnings growth;
• Corporate insiders are buying their own stock; and
• The stock is undervalued.

The additional links at the left will take you to the specific product information as follows:

Peer: Peer Comparison of other managers utilizing the same benchmark
Returns: Composite monthly returns
Characteristics: Characteristics of the resulting portfolio
Parameters: The restrictions and parameters applied in the investment process

Sources
S&P MidCap 400^® Index is a registered trademark of Standard & Poor's, a Division of The McGraw-Hill Companies, Inc.
Plan Sponsor Network (PSN) is a product of Informa Investment Solutions
Global Industry Classification Standards (GICS^®) are a registered trademark of Standard & Poor's and MSCI BARRA
Portfolio characteristics compiled from data supplied by The Applied Finance Group, LTD.

Disclosure
Past performance does not guarantee future results. Performance for periods greater than one year is annualized. Gross returns (including realized and unrealized capital gains, reinvestment of dividends and interest) are before fees and administrative expenses. Net returns reflect the return to investors after all fees and expenses.