Our investment philosophy recognizes that the fundamentals of stocks are more stable than the stock price. We use our proprietary Fair Value Model to identify stocks with market prices below their Fair Value. The Fair Value Model rewards companies with consistent results, attractive growth rates, and low financial leverage. Cornerstone has constructed a universe of 1,100 large, liquid securities, including non-US companies, traded on US exchanges. These 1,100 stocks have been actively selected by the investment team and are securities the team would consider for purchase at an attractive price. All stocks in the universe must meet high standards for liquidity, financial transparency and disclosure. Once candidates are identified, fundamental research on these names is conducted by the Investment Team in daily investment meetings. Our Global portfolio consists of 50 securities with a typical minimum holding of 1% and maximum of 5% in any one name. Our sectors are limited to 30% of the portfolio with no minimum.