SELL DISCIPLINE

Hitting the price target

Securities are assigned a price target based on DCF analysis

• Buy: Market Price ≤ 80% of Intrinsic Value
• Hold: 80% Intrinsic Value < Market Price ≤ Intrinsic Value
• Review: Intrinsic Value < Market Price ≤ 120% Intrinsic Value
• Sell: Market Price > 120% Intrinsic Value

Diversification

• Securities are maintained at less than 7% of equities and reduced when they exceed this limit regardless of valuation