Investment Objective

Our goal in the TIM Convertible Securities portfolios is to generate equity-like returns with substantially less volatility and to outperform relative benchmarks such as the Merrill Lynch US All Convertibles Index.

Philosophy

• Fundamental and research driven approach to building a focused portfolio of unique business franchises where management strategies for growth and improving business fundamentals will increase intrinsic business value.
• Team oriented investment decision-making process encompassing in-house research
• Identify catalysts for secular and fundamental change
• Companies that exhibit: sustainable business models, superior managements and substantial increases in discretionary free cash flow
• Attractive valuations based on discounted cash flow analysis

Portfolio Structure

• Diversified portfolio of generally 40 to 60 securities
• Minimum market cap of $500 million; no maximum market cap
• Broadly diversified by industry and sector
• Turnover range typically 30-50%
• Fully invested