The Mid-Cap Growth strategy, which is sub-advised by Mar Vista Investment Partners, seeks to grow client capital through a disciplined, patient, and consistent investment process. We invest in durable mid-cap franchises that can grow excess returns on capital well into the future and trade at a significant discount to our estimate of the true worth of these operations. We also seek management teams with a proven ability to allocate capital in a way that maximizes shareholder value.

Our bottom-up process identifies growth businesses with a wide "economic moat," or sustainable competitive advantage, and abundant opportunities to grow and reinvest capital at high rates of return. Such businesses typically possess attractive unit growth opportunities, strong pricing power, dominant or rapidly growing market share, sustainable or expanding profit margins, well-capitalized balance sheets, and consistent excess free cash flows.

We believe our willingness to look beyond the next few quarters and focus on what a company can be worth in several years allows us to exploit short-term investor biases.

The portfolio typically consists of 25 to 45 stocks. Position sizes range from 1% to 5% at cost.

For a more complete description of the Mid-Cap Growth strategy's investment approach, including the latest portfolio statistics, please download the most recent Fact Sheet.

Portfolio Managers and Analysts: Joshua J. Honeycutt, CFA, and Jeffrey Prestine

To learn more about Mar Vista, visit www.marvistainvestments.com.