Brian Morandi

A team of portfolio managers oversees each product. The large-cap growth portfolio is constructed relative to the Russell 1000 Growth index. The goal for the large cap value portfolio is to outperform the Russell 1000 Value index. Stocks meeting their minimum capitalization and liquidity requirements are screened based on a proprietary methodology. Once this focus list is determined, they conduct in-house fundamental research to narrow the list to buy candidates. Stocks are selected based on either a low p/e ratio relative to projected earnings growth or on a discount to intrinsic asset value. Ark's small/mid-cap value philosophy reflects a belief that incremental returns can be achieved within the small/mid-cap universe by combining a quantitative approach with traditional fundamental analysis. Using a proprietary six factor model, the universe is further refined using a combination of historical and current data. For their Specialty Growth portfolio, Ark invests in companies along a broad range of market capitalizations that provide significant growth opportunities due to secular or cyclical changes. Their goal is to achieve substantial returns versus the market over a full market cycle through a concentrated portfolio of stocks. This process is driven by research-intensive fundamental stock selection, focused on developing themes and selecting stocks within them. Ark generally sells companies that become less attractive than other securities due to deteriorating current fundamentals or declining earnings expectations. In managing fixed-income portfolios, Ark's investment decisions integrate the expertise of a team of fixed-income specialists. The investment process begins with a top-down approach focusing on the current environment, the economy, and interest rate outlook. Their duration strategy is designed to be risk averse; they do not use market timing. A key determinant in maximizing total return for a given level of risk is proper positioning of a portfolio along the yield curve. Their positioning is based on the current shape and anticipated changes in the yield curve, and an analysis of the spot and forward yield curves. Quantitatively, they review spread relationships among the various sectors, conduct break-even analysis and project total rates of return for various scenarios. The qualitative analysis involves the evaluation of technical factors influencing the market, such as trends, imbalances and seasonal patterns.

NWQ is a long-term investor which implements its investment strategies through an active research-driven, fundamentals-based, value-oriented process across the capitalization spectrum. Utilizing a corporate finance-oriented, cash flow focused discipline to identify potential investments trading at attractive absolute valuations, the firm typically invests in companies that it believes are undervalued, have downside protection, and possess catalysts or inflection points expected to help unlock value. NWQ employs a conservative approach to risk-adjusted performance by remaining disciplined in their approach, while weighing downside risk. Their stock selection process is driven by bottom-up fundamental research. NWQ’s research analysts constantly evaluate companies within their defined investable universe based upon a variety of both qualitative and quantitative criterion.

Invesco Advisers provides a variety of services across a broad spectrum of investment strategies, sectors and asset classes. The firm utilizes several different methodologies, each predicated on a rigorous, bottom-up, value-oriented security selection process.

Muzinich is a global institutional asset manager specializing in corporate credit investment portfolios and other credit-based investment strategies. The firm applies a research-intensive approach to investing in debt issued by corporate borrowers. Their rigorous, traditional bottom-up investment process in targeting delivery of superior risk-adjusted results.

Functions as a College/University

Functions as a College/University

Tradewinds Global Investors offers investment advisory services focusing on global, international, and domestic value-oriented equity investment strategies. The firm is a long-term investor which implements their investment strategies through an active research-driven, fundamentals-based, value-oriented process. Their investment approach seeks to identify potential investments that trade at attractive absolute valuations, offer good downside protection/risk-reward and possess strong franchise quality.

Euclid Advisors offers investment advisory services primarily in the following types of instruments: equity securities (common stocks and equivalents) including exchange-listed securities, securities traded over-the-counter, foreign issues, warrants, certificates of deposit, investment company securities, including traditional mutual fund shares and ETFs, and US government securities. The firm may also utilize options contracts on securities, futures contracts on intangibles, and foreign currencies both to purchase foreign securities and to hedge against the risk of a decline in the dollar. Euclid Advisors security analysis methods include fundamental and technical analysis, as well as charting and cyclical review. The investment strategies used to implement any investment advice given to clients may include the following: (1) long-term purchases (securities held at least one year) (2) short-term purchases (securities sold within a year) (3) trading (securities sold within 30 days) and (4) option writing, including covered options, uncovered options or spreading strategies.