We don’t believe investment decisions should be based on criteria such as market capitalization, style or correlation. Since we take a fundamental bottom-up approach, our primary focus is long-term bottom-line results. We believe that diversification simply for the sake of diversification dilutes investment results to the point that performance mirrors or underperforms the market, a situation that is true, on balance, for most investors. We choose to be different, and own a fairly concentrated portfolio in our managed equity programs, with the aim of outperforming the market over longer periods. For our Strategic Income and Strategic Equity programs, we are extremely selective in choosing among the vast number of investment options available and we adopt a non-rigid approach, which allows us to react in a timely manner to changing environments and outlooks.