Over our 22-plus-year history we have outperformed most U.S. equity indices – including those tracking large-, mid- or small- capitalization stocks, and growth or value styles. More importantly, our risk, whether measured as standard deviation, incidence of 12-month loss, or frequency of double-digit losses, has been much less than most equity indices.

These results were not achieved via a random walk, but through a disciplined, value-oriented investment approach.