Our investment philosophy is based on the conviction that long-term, consistent earnings growth drives long-term investment returns. By identifying high quality companies that can grow earnings faster than the market on a sustainable basis, we will be able to achieve superior returns for our clients. Since our inception, the companies in W.P. Stewart’s U.S. Concentrated Growth portfolio have exhibited faster EPS growth than the S&P 500 Index in nearly all periods. The current compound annual growth for our U.S. Concentrated Growth portfolio companies through 2018 is 14.1% compared to a rate of 6.0% for the companies in the S&P 500 Index. Earnings growth has translated into higher returns, as evidenced by our 16.1% annualized return after fees compared to the S&P 500’s 11.7% return from December 31, 1974 through February 28, 2013. Also central to our philosophy is the belief that compounding wealth requires preserving capital in down markets. The W.P. Stewart U.S. Concentrated Growth Composite (Net) has outperformed the S&P 500 Index by an average of 4.3% per year since inception and, as the graphic shows, we have a compelling record of outperformance during years when the S&P 500 Index is down.