ABM Industries, Inc.

Founded in 2007, ArrowMark Partners is an SEC-registered investment adviser headquartered in Denver, CO and adviser to the Meridian Funds family. The founding partners have worked together since 1995.

Dudley & Shanley primarily seeks long-term capital appreciation consistent with reasonable risk and the preservation of capital. The firm attempts to achieve that objective through investments in domestic and international common and preferred stocks, convertible securities, options and/or warrants, ETFs, closed-end funds and, to a lesser extent, debt instruments. They may also invest client funds in hedge funds, venture capital funds, private equity funds or other investment vehicles managed by other investment managers. Dudley & Shanley believes that, in recent years, long-term-oriented and fundamentally-based securities research has been de-emphasized as a method of identifying attractive investment ideas, in favor of computer-based techniques such as indexing, momentum investing and numerous strategies that employ technical analyses based on the historical price pattern of a security. The firm continues to depend on original economic and security research which it performs itself, aided by consultants and other professional analysts and managers, and its investment horizon is generally two years, which it believes to be sufficient to be well ahead of the investment crowd, but not so far in the future as to become obscure.

Investment Counselors of Maryland (ICM) offers clients value investment solutions across the market-cap spectrum. In doing so, the firm utilizes two distinct investment processes. Both approaches employ a value-oriented investment method with a focus on fundamental analysis. ICM attempts to measure the value of a security by looking at economic and financial factors including the overall economy, industry conditions, and the financial condition and management of the company itself, to determine if the company is underpriced or overpriced. These two strategies include: Small Cap, SMID Cap & Mid-Cap Value and Large Cap Value.In selecting investments for their Small Cap, SMID Cap & Mid-Cap Value strategies, ICM seeks to invest in companies that they estimate to be undervalued that also possess leading market share positions, shareholder-oriented management teams, and strong balance sheets and cash flow ratios. Usually, the shares of the companies they buy are selling at a price-to-earnings ratio below the average price-to-earnings ratio of the stocks in the broad capitalization-specific indices (i.e. Russell 2000 , Russell 2500 and Russell Midcap). The companies usually have higher return-on-equity and return-on-capital than the average company in those same indices. Using screening parameters such as price-to-earnings, relative return-on-equity and other financial ratios, ICM screens the universe of investments to identify potentially undervalued securities. They further narrow the list of potential investments through traditional fundamental security analysis.For their Large Cap Value strategy, ICM seeks to identify companies that are well-capitalized with sustainable competitive advantages and strong management teams. Using various screening parameters, they seek to identify potentially undervalued securities. ICM further narrows the list of potential investments through traditional fundamental security analysis. Investment are chosen once ICM is convinced the securities are undervalued and after they have attempted to discover a positive inflection point in the company's business momentum. ICM's primary focus is to confirm the competitive position of the company and that it is sufficiently undervalued based on historical valuation parameters, given their projected estimates for earnings and free-cash-flow.