We at ICC have always felt that the true essence of asset management revolves around anticipating change.  Change in the capital markets is, of course, inevitable.  And while we know it will vary in degree we also know its emergence can be fiercely abrupt.  It is likewise important to remember that while change is often a forerunner to profit, it can also unleash peril.  Operating, therefore, within an environment that frequently exhibits abrupt shifts and ambiguous ends (otherwise known as risky), the ability to anticipate and prepare for what lies beyond our normal range of vision is critical.  It requires an open inquiring mind and an agile and intrepid temperament.  

The attached introductions to our various portfolio offerings are intended to provide a clear portrayal of the underlying strategies and basic construction techniques employed.  Narration is concise and to the point.  I believe these summaries achieve their goal.  But, in so doing I'm afraid they may not impart to the reader the most critical attribute to successful money management - the character of the investment professional. It is here that I take immense pride.  Although each of our portfolio managers may employ a different specific strategy, their vista is invariably directed beyond the horizon and when needed they possess the steadfast confidence and courage to go against the grain.

 Grant McMurry

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Multi-Cap Equity  Our Multi-Cap Equity product has become a successful complement to the "plain vanilla" equity strategies offered by most investment firms. This strategy focuses on active rotation across investment style, market sectors, and market capitalization. Portfolios consist of 45-55 securities and are characterized by concentrated positions in both sectors and individual securities.

Core Value Equity  This strategy is driven by a proprietary multi-factor model which filters large quantities of macroeconomic, fundamental and technical data and ranks broad sectors and individual securities according to relative attractiveness. Core Value portfolios consist of 40-50 large-cap securities which are highly diversified by market sector. The strategy is characterized by low portfolio turnover and a primary sensitivity to price.

Large Cap Growth Equity   Our Large Cap Growth strategy utilizes a blend of quantitative multi-factor modeling along with traditional bottom up fundamental analysis in order to identify securities which exhibit above average earnings growth rates and possess attractive relative valuations.  Portfolios consist of 40-50 large-cap stocks diversified across market sectors.

Core Fixed Income  Our Core Fixed Income investment process anticipates future changes in the direction and level of interest rates. Portfolios are structured to capitalize on forecasted movements. Portfolios typically consist of 15-25 high quality Corporate, U.S. Treasury, and Agency issues.

International ADR Equity  The International ADR strategy utilizes a proprietary model for the top-down analysis of broad regions and countries plus bottom-up analysis of individual securities.  Portfolios consist of approximately 25 large-cap ADR securities and are diversified across country and industry.