While it is simple and intuitively appealing to think about the market in “growth” or “value” paradigms, we believe that such categorizations do not tell the whole story of our research and portfolio construction capabilities. Thorough research and diligent processes involve much more than looking at a static multiple to drive investment decisions. At the end of the day, we ask “what are you paying for?” In addition to sound balance sheets, quality management teams, and economic moats, we look for companies with return profiles above their cost of capital that trade at attractive multiples relative to earnings growth.