Susan Bowen

Hilliard Lyons Capital Management (HLCM) offers six actively managed equity products: Multiple Attribute Dividend Growth, Large-Cap Equity, Mid-Cap Core, Multiple Attribute Growth, High Yield Equity and Large-Cap Quality Growth. The Multiple Attribute Dividend Growth strategy seeks to outperform the S&P 500 by 200 basis points with equal or less risk than the market over time through investments in companies with superior earnings and dividend growth. The firm seeks to identify purchase candidates in three categories: dividend growth, attractive value and high growth. The foundation of the strategy is dividend growth. 80% to 100% of the portfolio's value is invested in dividend growth companies at all times. Absolute dividend yield is not the critical factor. HLCM focuses on dividend momentum looking for companies that are increasing their dividend well above the average growth rate of the S&P 500. To provide proper balance and the opportunity to outperform in multiple environments, HLCM allows up to 20% of the portfolio to be invested in attractive value and high growth stocks. The firm conducts qualitative research utilizing three levels of analysis: fundamental, valuation and technical. Portfolios typically contain the stocks of 50 to 70 companies. The firm's Large-Cap Equity strategy seeks to identify industry leading companies with strong financials and solid growth prospects. The strategy invests in companies with sustainable competitive advantages and compelling valuations that are run by skilled and shareholder-friendly managers which provide consistent revenue and earnings growth. Portfolios typically contain the stocks of 25 to 30 companies. HLCM seeks to stay fully invested to capture the superior returns associated with equity investing. HLCM's Mid-Cap Core strategy seeks to invest in industry leading companies with sustainable competitive advantages, compelling valuations, strong free cash flow, high returns on capital and proven shareholder-oriented management teams. The firm uses proprietary research and bottom-up analysis. Portfolios typically contain the stocks of 25 to 35 companies. The firm seeks to be fully invested. The Multiple Attribute Growth strategy seeks to outperform the market over time by investing in a balanced mix of stocks. HLCM identifies attractive purchase candidates in three categories: dividend growth, attractive value and high growth. Dividend growth is an important part of this strategy but is somewhat deemphasized as to HLCM's Multiple Attribute Dividend Growth. In the Multiple Attribute Growth strategy, targeted portfolio allocations are 60% to 80% in dividend growth and 0% to 40% in attractive value and high growth. The firm conducts qualitative research utilizing three levels of analysis: fundamental, valuation and technical. Portfolios typically contain the stocks of 50 to 70 companies. HLCM's High Yield Equity strategy seeks to outperform the S&P 500 over longer periods of time with less risk and with a superior dividend yield when compared to that of the benchmark. Income generation is of primary importance relative to total return. The firm seeks to identify companies with dividend growth. They seek to maintain a portfolio yield that is equal to or higher than that of the S&P 500. 100% of the stocks in the portfolio must pay a dividend. The firm conducts qualitative research utilizing three levels of analysis: fundamental, valuation and technical. Portfolios typically contain the stocks of 40 to 60 companies. The firm's Large Cap Quality Growth strategy focuses on the long-term ownership of companies with sustainable business advantages purchased at compelling valuations. They seek to outperform the Russell 1000 Growth Index with lower risk over longer periods of time. The strategy invests in industry leading growth companies with sustainable advantages, shareholder-friendly management teams and solid financials. Portfolios typically contain 25 to 35 positions. HLCM seeks to remain fully invested.

Independent Fiduciary Services (IFS) provides three primary product/service lines of service including retainer investment consulting, operational review/fiduciary audit projects and fiduciary decision-making transactions. IFS structures and monitors institutional investment programs including: (1) analyzing and proposing asset allocations (2) controlling investment risk and expenses (3) selecting investment managers (4) measuring and evaluating investment returns (5) analyzing non-traditional investments including private equity, hedge funds and real estate and (6) instituting investment best practices and prudent procedures. Though not limited by sector, Independent Fiduciary Services tends to invest in the stocks of US small-cap and large-cap companies in the process industries, non-energy minerals and finance sectors.

Functions as a College/University