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 800 large, liquid securities, including non-US companies, traded on US exchanges. These 800 stocks have been actively selected by the investment team for almost 30 years and 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 Concentrated 30 portfolio consists of 30 securities with a typical minimum holding of 2% and maximum of 6% in any one name. Our sectors are limited to 30% of the portfolio with no minimum.