A U.S. equity strategy that is currently managed versus the Russell Midcap^® 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 under-valued.

Note: Shenandoah's Midcap strategy has been applied to the Russell Midcap^® index since July 2005. It also was applied to the S&P 400 from May 2001 until April 2007 at which time the client utilizing that benchmark changed their benchmark to the Russell Midcap^® Index joining another client already using that benchmark since July 2005.

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
Russell Midcap^® Index is a registered trademark of the Russell Investment Group
Plan Sponsor Network (PSN) is a product of Informa Investment Solutions
Global Industry Classification Standards (GICS^®) are a registered trademark of Standard & Poors and MSCI BARRA
Portfolio characteristics compiled from data supplied by The Applied Finance Group, LTD.