Investment Overview

Our investment team adheres to a traditional value approach that emphasizes high-quality, defensible franchises within a risk-aware framework.
We emphasize independent bottom-up, fundamental research.
Our focus is on leading companies we believe have been systematically mispriced by the market. Leading companies exhibit:
    — Advantaged business models as evidenced by strong returns on capital through the business cycle.
    — Financial discipline exemplified through a balance sheet that can protect the equity value of a business through market cycles.
    — A strong free cash flow profile that supports compounding of value through thoughtful capital allocation decisions.
A strict sell discipline helps to protect capital by remaining objective.

Portfolio Construction

60 to 80 stocks in portfolio
Maximum active weight: approximately 3%
Maximum sector weight variance of 5% relative to Russell® 1000 Value Index
Cash typically kept to less than 5% of the Portfolio
Target excess return: 200-250 basis points
Target tracking error range: 300-500 basis points

Investment Team

Edward J. Perkin, CFA

Portfolio manager (Team leader)

25 years of industry experience

5 years at Eaton Vance

BA, University of California, Santa Barbara

MBA, Columbia University

Aaron Dunn, CFA

Portfolio manager

20 years of industry experience

7 years at Eaton Vance

BS, University of Arkansas

MBA, University of Texas

Brad Galko, CFA

Vice President, Eaton Vance Management

28 years of industry experience

6 years at Eaton Vance

BBA University of Notre Dame



Benchmark: Russell 1000® Value Index