Mike Gasparac

Fiduciary Management Associates (FMA) is a value manager that invests exclusively in US equity and fixed-income securities. The firm offers four principal products: small-cap value equity, large-cap value equity, large-cap core equity and core fixed-income. FMA takes both a top-down and bottom-up approach when selecting securities. For their small-cap value equity strategy, FMA uses a top-down approach to identify broad macroeconomic themes, the potential implications of economic indicators and sector trends, portfolio construction and industry-level strategy. They then employ rigorous fundamental analysis to identify potential investments from a universe of companies with between $200 million and $2 billion in market-cap. FAM looks for companies with attractive relative valuations, strong earnings and cash flow growth prospects, healthy balance sheets and excess cash flow. They generally hold 50 to 70 stocks and use the Russell 2000 Value Index as their benchmark. FMA's large-cap value equity approach seeks to identify stocks that are undervalued relative to their intrinsic value based on the company's earnings and cash flow predictability and growth. The firm incorporates their overall economic and market expectations into the strategy emphasizing a relative value approach within sectors and industries. They use top-down and bottom-up methodologies to construct portfolios, incorporating geopolitical, economic, currency and interest rate expectations into the strategy. These portfolios typically include 50 to 70 stocks. FAM looks for companies with relative valuation metrics comparable to the Russell 1000 Value Index that exhibit higher earnings growth expectations. They invest in companies with market-cap greater that $2 billion. The firm's large-cap core equity strategy focuses on large-cap companies that have predictable fundamentals, sustainable competitive advantages and high barriers to entry. They employ a research-based stock selection process, along with quantitative risk management, to identify companies that are expected to deliver consistent and competitive returns relative to the S&P 500 Index. FMA's fixed-income strategy seeks to construct a diversified portfolio of investment grade securities designed to outperform the Lehman Brothers Fixed Income Indices over a market cycle while controlling risk. They differentiate portfolios from the index by combining an appropriate level of interest rate, credit and option risk. FMA employs a traditional methodology in which both top-down and bottom-up analysis is used to maximize performance. The top-down macroeconomic fundamental analysis is combined with an ongoing review of market valuations to assess the current and expected financial and economic trends. A relative value methodology is employed across market sectors and within market segments and industries. Various quantitative tools combined with fundamental analysis are utilized to drive FMA's relative value approach to manage overall duration, credit and option risk. The firm invests in a diversified mix of US-based investment grade securities with varying maturities. Industries are reviewed on an ongoing basis to determine attractiveness, including macro factors such as barriers to entry, regulatory issues and competitive forces (both domestic and international). Credit worthiness is evaluated through a fundamental analysis of the industry/issuer utilizing both internal and external sources.

Insurance; brokerage; financial services

Fortis Investment Management's product offerings include investments in equities, fixed-income, currencies, structured finance and alternatives. The firm manages equity portfolios across a range of market-caps and regions using a variety of investment styles. Their fixed-income and currencies investment center manages specialized strategies including credit, duration and currency overlay offered as aggregate and absolute return portfolios. Fortis Investments Management's structured finance group manages a variety of structured fixed-income investment solutions. The firm's alternative investments include a number of investment centers that manage individual alpha strategies, such as sustainable and socially responsible investments and convertible bonds. Though not limited by sector, Fortis Investment Management tends to invest globally, primarily in the stocks of mid-cap and large-cap companies in the finance, electronic technology, health technology sectors, energy minerals and non-energy minerals sectors. The firm maintains a medium turnover rate.

As an active manager, ABN AMRO Asset Management seeks consistent performance within a well-monitored risk environment. Equity investments are biased toward quality growth companies that are expected to outperform over the long term. They favor companies that are dominant in their industries and represent quality among their peers. AAM blends company and sector views with macroeconomic analysis. Their fixed-income investment process takes financial, economic, valuation and sentiment factors into account as well as the macroeconomic climate, shifts in capital flows and trends in the market. This approach is based upon a fundamental approach to duration, yield curve and spread analysis. Portfolio management teams make the final investment decisions based primarily upon internal analyst recommendations. Research is bottom-up and fundamental with quantitative systems and screens used to support and confirm analyst ratings.

Functions as a College/University

Functions as a College/University

NAM provides its services across a broad array of fixed income, equity and other investment strategies, including in the broad categories of municipal bonds, taxable fixed income, global and international, value, growth and core, public real assets, asset allocation, quantitative/enhanced, alternative and customized strategies. Depending on the strategy, the firm invests in a variety of securities and other investments, including in certain cases derivatives, and employs various methods of analysis and investment techniques.

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