Woodley Farra Manion Portfolio Management

Portfolio Characteristics | Stock Selection Process | Decision Making

		Individual Securities Client portfolios are invested exclusively in individual securities Client assets are held in their own separate accounts with a third party custodian
		Large Cap Value-Oriented Portfolios contain large, well established companies Our primary objective is to provide a competitive total return with a focus on downside risk protection and lower volatility
		Concentrated, Low Turnover Equity Portfolios Client accounts consist of 25-30 stocks Annual portfolio turnover averages approximately 25% Our philosophy is centered around strategic and diversified portfolios for the serious and patient investor
		Strong Dividend Policy Dividend yields are an objective characteristic of undervalued companies Dividends are a significant contributor to the total return of a portfolio Research and experience show that higher dividends can provide stability in declining markets Dividend increases provide a good inflation hedge

		Database Screening The goal of our screening process is to find undervalued companies. It begins with over 14,000 companies that we run through specific, proprietary filters to determine whether a stock is statistically inexpensive. The result narrows the choices to a list of 300-700 securities
		Multi-Discipline Stock Research Process After initial screening, we apply a proprietary process to reduce the list of potential holdings to the final 25-30 that are included in a client portfolio. Fundamental – Complete analysis of company's financial and competitive health Quantitative – Analyze company's stock valuation utilizing several proprietary formulas Technical – Identify trends in supply and demand for the stock under review Economic – Analyze economic trends and the potential effect on a company's valuation Our sell discipline is based on the opposite characteristics from those that indicate it is time to buy a stock.

		Team Driven Portfolio decisions for all our clients are made as a team, with each investment professional contributing to the process.
		Proprietary, In-House Research All research is completed by Woodley Farra personnel, using unbiased investment data. We do not rely on third party opinions, nor do we subscribe to Wall Street research.