Large Cap Equity Portfolio

The objective of the Large Cap Equity Portfolio is to substantially outperform the S&P 500 over market cycles to produce long-term capital growth by focusing on high quality, large capitalization companies with the perspective of a long-term business owner. The LCE Portfolio uses a GARP (growth at a reasonable price) style and seeks companies that have sustainable competitive advantages, are held by shareholder-oriented management teams and are trading at reasonable valuations.  The aim is to own these equities for many years to take advantage of the powerful effects of long-term compounding.  The strategy will hold 25-30 individual positions and remain fully invested.  This portfolio is appropriate for investors seeking capital appreciation, with the ability to withstand potentially greater short-term volatility.

• Portfolio of 25-30 Individual Large Cap Equity Holdings

• GARP Style (growth at a reasonable price)

• High-Quality Emphasis

• Durable competitive advantages (meaningful pricing power, high barriers to entry)

• Long-Term Business Owner Focus

• Low Turnover

• Benchmark – S&P 500