The Constantin Foundation, Inc.

Stralem & Co.'s flagship product is their US Large-Cap Equity Strategy (LCES). The LCES invests solely in large, well run companies. They are fundamental investors who seek to invest in high quality growth businesses. Their portfolio management team conducts independent research including qualitative and quantitative review of all companies in their large-cap universe. Stralem's proprietary relative growth model is a key part of this process and is used to help with portfolio construction and risk control. This is an integrative approach that results in purchasing companies that sell at reasonable valuations relative to their earnings growth forecasts. The LCES is a long-only portfolio consisting of approximately 25 to 35 equity securities and is fully invested at all times. It typically carries approximately 5% in cash. The strategy is based on a disciplined investment process that is fundamentally driven and quantitatively enhanced.Stralem constructs portfolios by purchasing a set of fundamentally solid growth companies along with a group of companies that deliver strong cash flow. They then adjust the balance between these groups to emphasize growth or preservation of capital, depending on where they are in the market cycle. The LCES seeks to deliver stronginvestment performance during both up and down markets with reduced volatility by adapting portfolio construction to changing market environments. Stralem manages risk using their proprietary Relative Growth Valuation Model. At the individual stock level, the model provides a quantitative method for minimizing the risk of overpaying for growth and a strict sell discipline that reduces the risk of holding on to a security too long. At the portfolio construction level, the model provides a quantitative tool that helps in weighting the portfolio between up and down markets stocks and in balancing the categories of stocks within those sectors.

Metropolitan West Capital Management (MetWest) specializes in domestic value equity, international core value equity and balanced portfolios. The firm employs a team-based approach to identify the stocks of high quality, growing businesses that are selling at a discount to their intrinsic value. Their approach also requires the existence of one or more positive catalysts that will unlock that value, leading to a higher stock price. They are long-term investors, not traders or speculators; their conservative style fosters capital preservation and consistency of returns. In addition to above-market returns, MetWest seeks below-market risk. They screen candidates for characteristics such as low p/e ratios, high dividend yields, growing cash flows and low debt levels. Portfolios are diversified across economic sectors and individual securities.

Larry Thompson & Associates, Inc. provides investment management consulting services. It offers investment policy development, asset allocation and liability modeling, money manager evaluation, and performance measurement and attribution. The company was founded by Larry J. Thompson in 1992 and is headquartered in Dallas, TX.