Assets in Strategy:
		$20.3 billion
		Excess Return Objective*:
		at least 200 basis points (gross of fees)
		Tracking Error Objective*:
		approximately 4-5%
		Common Benchmarks:
		Russell 1000 Value Russell 3000 Value S&P 500/Citigroup Value S&P 500
		Market Cap Range for strategy:
		$500 million and up.
		Approximate # Holdings:
		100
		Minimum initial investment:
		$25 million
		Options and futures are not used.
		Social investment screens available.

* Excess return and tracking error objectives are relative to a value-oriented benchmark over a 3-5 year period. This time horizon is relevant given that no investment process we know of can eliminate the possibility of negative random events driving performance for short periods of time.

• Institutional focus
• Employee owned
• Capacity constrained
• No soft dollars