David Duchene

FHC begins their analysis by taking a top-down approach examining the trends that will drive growth over the next 3 to 5 years or longer. Once the macro trends have been identified, analysts take a bottom-up, approach to analyze the companies they feel will be best able to take advantage of these trends over the long-term. The research team focuses initially on the identification of key trends within the technology sector. They then perform fundamental research, including calculating an estimate of future earnings, to identify those companies. FHC will not necessarily follow any index. The primary benchmark index can be considered the Nasdaq Composite index, due to its high concentration of technology stocks. Their goal is to remain fully invested regardless of market conditions; they do not attempt to time the market. FHC may sell securities of a company if they determine that the current market price exceeds the value of the company or alternative investments present better potential for capital appreciation. They also may sell a security when there is a negative development in a company's competitive, regulatory or economic environment or when they believe there is a deterioration of a company's growth prospects or financial situation. The investment team meets daily to discuss research and review portfolio holdings and provide input to the investment process. The final buy/sell decisions are made by the portfolio managers.

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