Topher L. Fearey

Brandywine Global strives to provide investors with competitive risk-adjusted long-term performance relative to the relevant index. The firm offers an array of equity, fixed income, and balanced portfolios that invest in US, international, and global markets. Accounts are primarily constructed based on bottom-up stock selection although several of their portfolios, specifically global portfolios, include top-down/macro considerations.

Brown Investment Advisory offers a variety of investment strategies including Large-Cap Growth, Large-Cap Value, Small-Cap Growth and Fixed-Income. In addition, the firm works with other asset management firms to offer clients access to other strategies including US Small-Cap Value Equity, International Equity, hedge funds-of-funds, alternative asset classes, venture capital funds, buy-out private equity funds, real estate funds and a variety of co-investments. Brown's large-cap growth strategy seeks to invest in diversified portfolios of companies with superior fundamentals, strong, sustainable revenue and earnings growth and attractive valuations. They invest in US large-cap growth stocks and typically hold them for several years. Brown employs fundamental research to select securities and sectors that offer highly competitive, tax-efficient returns. They seek to identify market-leading companies or companies with the potential to become market leaders. They look for rich product cycles, large, growing markets, strong cash flow, proprietary products/services and productive new product development efforts. Brown also looks for growth stock development that occurs after the initial phase of growth in which a catalyst causes rejuvenated growth. Brown's Large-Cap Value strategy seeks to identify out-of-favor situations with downside risk of no more than 20% and upside potential of at least 40%. They look for sound, financially strong, growing companies with proven shareholder-sensitive management. Their strategy is multi-cap, with a minimum market-cap of $500 million and no maximum. Companies should have above average earnings growth, above average profitability and below average valuations. Investments are diversified across a wide range of industries. The firm employs a bottom-up portfolio construction process that is based on the specific attractiveness of each holding. The firm's Small-Cap Growth strategy seeks to invest early and hold investments for the long-term. Brown looks for companies with large business opportunities relative to the company's size and proprietary technology, products, services or distribution systems. Management must have a clear, measurable plan to produce sustainable earnings growth of more than 20% a year. At the time of purchase, stocks must have a market-cap of not more than the largest company in the Russell 2000 Growth Index. Brown actively manages fixed-income portfolios. They employ a disciplined investment process that seeks to exploit changes in sector spreads, security valuations, interest rate trends and yield curve dynamics.

Functions as a College/University

Functions as a College/University

JS Asset Management (JSAM) is a value-oriented investment management firm specializing in Large-Cap Value and All Cap Value strategies. They seek significant long-term performance returns by investing in undervalued companies that possess identifiable catalysts that will drive the stock price higher over the next one to two years. The firm may search for companies based on low p/e, low p/s, low p/cf, 52-week lows, price to recovery EPS and liquidation value. The firm also seeks to identify supply/demand imbalances that result in broad or sweeping changes in entire sectors or industries. JSAM attempts to identify stocks as close to the inflection point of improving fundamentals as possible to reduce any period of underperformance. They weigh the tradeoff between valuation and future value prospects of a security in terms of their conviction in the catalyst and the potential return of the stock. As valuations become more attractive, and assuming fundamentals and catalysts of the company stay intact, JSAM becomes more aggressive in buying. JSAM's process is bottom-up driven often resulting in underweight and overweight sectors with respect to relevant style benchmarks. Often a catalyst, particularly those that are more macro or supply/demand oriented, that affects a specific company may also apply across an industry or sector. This will result in significant under or overweighting of sectors. JSAM's Large Cap Value portfolios typically hold around 40 stocks and their All Cap Value portfolios may hold 50 to 60 issues. The firm believes it is important that each position size reflects a stocks appreciation potential. As a result, JSAM's top 10 holdings typically account for about 50% of each portfolio. In general, the firm tends to invest in the finance, electronic technology and consumer durables sectors. JSAM maintains a medium turnover rate.