Investment Process
We believe our unique, collaborative, research-driven approach to stock selection offers the best opportunity to achieve superior, risk-adjusted returns over the long term.

The Value Income management team uses fundamental and quantitative research to identify large-cap companies that demonstrate above-average earnings and dividend growth. They apply a disciplined process to select stocks to construct diversified, low-volatility equity portfolios.

Portfolio Focus
Portfolio holdings consist of:

Core holdings – Identify stocks with potential for sustainable above-average growth in cash flow and dividends.

Sector-emphasis holdings – Identify opportunities in traditionally high-yielding sectors of the market.

Convertible securities – Identify capital appreciation potential and high-yield opportunities.

Positions are built to a maximum of 5.0%, and sector weights are monitored to maintain appropriate diversification. On average, 75 to 100 stocks are held.

Core holdings are sold if they exhibit:

Deterioration of earnings/dividend growth prospects

Change in investment theme

Excessive valuations

Positions exceeding 5%

Sector-emphasis holdings are sold if:

They exhibit deterioration of earnings/dividend prospects.

Sectors are rebalanced to emphasize attractive current relative yield.

Convertible securities are sold when they:

Are converted into common equity and no longer yield sufficient income cushion.

Exhibit deterioration of company fundamentals.

Research
The team is supported by experienced quantitative and fundamental research analysts who specialize by industry.