Wayne S. Sharp

BP's equity products share a value oriented, risk averse investment philosophy. Their fixed-income products seek to build in a yield premium versus the appropriate benchmark through bottom-up security selection and a focus on the corporate and mortgage sectors of the bond market. They use a bottom-up investment process to identify portfolio candidates. The process is driven by internal fundamental research streamlined by quantitative screening. Quantitative screening identifies companies within the universe that are attractively valued and demonstrate a quantifiable measure of business momentum. Fundamental research involves a detailed analysis of the business dynamics supporting a portfolio candidate's current value and prospects for future growth. Beyond demonstrating value and momentum criteria identified in the screening results, portfolio candidates must also exhibit strong business fundamentals and improving business trends as determined through fundamental research. BP's fixed-income portfolio construction process focuses on achieving a yield advantage through their individual security selection process while carefully avoiding interest rate risk. They focus on the corporate and mortgage sectors that they believe offer the best risk-adjusted yield opportunities.