Large Cap Value Sell Discipline

One or more of the following would trigger the sale of a stock:

Value Screening Process:Companies that appear fully valued within their sector or have negative earnings estimate revisions.

Absence of a Near-Term Catalyst:Catalysts include high degrees of insider ownership, stock repurchases, corporate restructuring, change in business mix and acquisition candidates.

Size Limitation Reached:When a stock reaches 5% of the portfolio.

Sector Limitation Reached:When the performance of a stock causes the sector to become over weighted versus its target weighting, it is a candidate for sale.

Deteriorating Fundamentals:When a company experiences excessive margin compression, weakened coverage, incurring debt to cover weak operating cash flow.