Bart G. Miller

AAM is organized around nine investment style teams. While subscribing to a common overall investment philosophy of portfolio style diversification and a common top-down economic outlook, each team functions with an investment boutique orientation, supporting research, portfolio management and portfolio construction processes unique to its specialized investment style. Each investment style team consists of portfolio managers, analysts and administrative support personnel. There are seven equity investment style teams, reflecting the specializations of large/mid/small-cap growth, large/small-cap value, the S&P 500 index and international securities. Two fixed-income teams are organized around taxable and tax-exempt fixed-income management. The fixed income teams consist of specialists in treasury/agency, corporate, mortgage, asset backed and municipal securities, as well as a credit analysis staff. The fixed-income team supports the investment styles of aggregate, intermediate government/corporate, intermediate tax exempt, GNMA, 1-3 year government/corporate and short duration/liquidity securities.

The AIC large-cap portfolio is invested in large, well-established companies that are financially strong and are leaders in their respective industries. Companies must have quality products and management that is focused on creating shareholder value. They seek to identify companies that consistently improve their cash flow rates of return and trade at a discount to their cash flow value. The companies have growth rates that are greater than that of the S&P 500 yet trade at a discount to the index's valuation. The goal is to purchase great companies at reasonable prices. Companies must be leaders in their industries with a dominant position or product and be financially strong and profitable. Management must have a sense of ownership, regard for the shareholder, and display an ability to manage the company's assets for their benefit. Short-term trading strategies, market timing or derivatives are not used. The AIC small-cap portfolio is invested in companies in growing industries and is targeted with wide diversification among many different sectors. Companies must have a unique product or service with management with a track record for creating shareholder value. All research is based on cash flow data with the focus on long-term ownership. Significant management ownership of the company, a unique product in a dynamic growing industry and financial stability are additional characteristics of the companies found in the portfolio. AIC's fixed-income portfolio objectives are to produce a steady stream of income, protect the principal of the fund, limit the volatility of asset values due to changes in interest rates and to provide a return over that of Treasury securities by taking advantage of the incremental yield of corporate bonds when opportunities arise. The firm uses intermediate maturity securities to limit the volatility of longer-term bonds, and uses high quality corporate bonds to pick up incremental yield from that of Treasury and agency securities. They generally use a laddered maturity and duration structure. Their fixed income management is predicated on the assumption that no one can predict interest rates; rather, they apply a process that manages the inevitable changes in interest rates. The firm invests clients' assets in the debt securities of high quality corporations and of the United States government.

Argent focuses on active management in US equities. The firm invests in high quality, enduring businesses that have growing cash flows, a durable competitive position and allocate capital wisely. They employ a team approach to portfolio management, with each of the firm’s investment strategies being managed by a portfolio manager, who is supported by a team of analysts.

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