Large Cap Core Investment Managers

Investment Strategy Tony Arsta

What we look for Michael Olsen, CFA Companies that “do good” tend to Mission “do great.” For customers, employees, and shareholders. Holdings* A valuation that is attractive relative Value to our assessment of future company as of 9/30/2020 performance. Alphabet Inc Cl C (GOOG) Superior management teams that .com Inc (AMZN) Leadership are aligned with outside American Tower Corp (AMT) shareholders. Apple Inc (AAPL) Berkshire Hathaway Cl B (BRKB) Booking Hldgs Inc (BKNG) Corp A (CMCSA) Large Cap Core Wholesale Corp (COST) The Large Cap Core strategy is an all-equity large-cap strategy that offers a Crown Castle Intl Corp (CCI) blend of growth, value, and dividend-paying stocks. Equinix Inc (EQIX) Facebook Inc (FB) The strategy seeks to hold superior companies with significant competitive Company (FAST) advantages, healthy balance sheets, and sustainable cash flows while IPG Photonics Corporation (IPGP) vigilantly monitoring for deterioration of business quality and the risk of Markel Corp (MKL) permanent capital loss. Mastercard Inc (MA) Corp (MSFT) The team focuses on digging up undervalued companies, differentiating Inc (NFLX) itself from our growth strategies. Paychex Inc (PAYX) PayPal Holdings Inc (PYPL) Please see Appendix A to our Investment Advisory Agreement for a Inc (SPLK) discussion of the risks associated with this strategy. Corp (SBUX) Walt Disney Co (DIS) * Includes cash component.

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