Long term capital appreciation

The Fund invests in equity securities of large and medium sized companies BCM believes are undervalued. BCM's investment process is based on bottom-up, fundamental analysis to identify securities that are trading at attractive valuations. We pay particular attention to price, on either an absolute or relative basis--Price-to-Earnings, Price-to-Book, EV/EBITDA and EV/Revenue are all examined. By seeking an understanding of a company's business, financial dynamics, industry position and management, BCM's investment team attempts to build a "weight of the evidence" case before adding a company to the firm's Buy List. BCM is willing to invest in out of favor companies irrespective of industry or sector orientation. As such, sector weightings may vary from the Benchmark Index.