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Mid Cap Value

Fisher Investments Institutional Group’s Mid Cap Value strategy utilizes a bottom-up stock selection investment process supported by top-down themes. The strategy seeks to identify strategic attributes in companies undervalued by the marketplace. We believe the best such opportunities reside in the deep discount value portion of the mid value universe. By adhering to a strict application of portfolio management discipline, we limit style drift ensuring the portfolio’s leverage to the value cycle. We actively manage portfolio risk through procedural and mechanical controls and are continuously cognizant of the composition of the relevant benchmark and the relative risks we engineer into portfolios against the benchmark.

Overview of the Investment Process

• Bottom-up process combines quantitative and fundamental research
• Four factor valuation model incorporates P/E, P/BV, P/S and Dividend Yield
• Debt and liquidity screens control risk
• Fundamental research focuses on strategic attributes
• Sell disciplines limit style drift