Campbell Soup Co.

Brandywine Trust Co. employs a fundamental, bottom-up research approach. The firm tends to invest in the stocks of US large-cap companies in the finance, energy minerals, consumer non-durables and health technology sectors. They maintain a very low turnover rate

Since 1967, Beutel Goodman has specialized in applying a value approach to the management of domestic and global equity, balanced and fixed income mandates for institutional and individual investors. Cash flow analysis forms the foundation for both equity and fixed income analysis and valuation. For the fixed income side strong free cash flows facilitates debt repayment and safety of principal. For the equity side strong free cash flows provide the financial flexibility to support organic growth and profitability, make strategic acquisitions, buy back shares and pay dividends. Beutel Goodman's in-depth, and bottom up investment style leads to investments in strong companies with less cyclicality for fixed income mandates and more value upside for equity mandates.

HS Management Partners (HSMP) employs a focused, bottom-up, fundamental approach to one sole investment strategy HSMP Concentrated Quality Growth Equity strategy. The firm seeks to invest in companies that possess: strong management teams, superior business models, enduring competitive advantages, high free cash flow characteristics, global platforms, and/or strong, reasonably attainable, earnings prospects.In implementing their investment strategy, the firm typically builds a concentrated portfolio with a hard cap on company names and with the goal of keeping client’s capital nearly fully invested. Client accounts generally hold 20 to 25 companies, although in certain circumstances they may hold more or less names. Cash is not a major component of our strategy and HSCM tends to keep very low cash balances in client accounts. Although they primarily invest in domestic securities in the form of common stock, client portfolios can include foreign issuer equity securities in the form of ADRs (both sponsored and non-sponsored) or ordinary shares. As bottom-up, fundamentals-first investors, HSMP does not maintain limits on industry or sector weightings, and while they do limit portfolio positions by company, clients’ portfolios are likely to be significantly concentrated by sector, industry and/or geography, among other factors (for example, clients’ portfolios can have over 50% exposure to the consumer discretionary, consumer staples and/or technology sectors). HSCM takes an incremental approach to actively managing client portfolios. Their annual portfolio turnover rate has ranged generally between 65% to 95% (measured in dollars), and is comprised of new names and incremental changes to existing positions.