James E. Landau

Operates as a non-classified establishment

Operates as real estate investment trust

Acts as a Real Estate Investment Trust/REIT

Acts as a Real Estate Investment Trust/REIT

Berkeley Capital Management (BCM) tends to invest in the stocks of US large-cap growth companies in the electronic technology, health technology and producer manufacturing sectors. The firm maintains a low turnover rate. BCM's growth equity investment approach is based on the idea that investments in competitively strong companies with superior earnings growth over time should produce above average investment results. The firm seeks to enhance performance by investing in growth stocks that are attractive based on a combination of valuation and momentum factors. From a universe of growth companies as defined by analysts' expectations and a minimum market-cap, BCM develops a focus list of companies that they believe are best able to sustain superior earnings growth over a 5 to 6 year period. Typically, the companies are competitively strong with a significant and growing market share. They have superior profitability, above average sales growth, superior free cash flow, and better-than-average earnings stability. From the focus list, the firm selects companies that are most attractive based on valuation, earnings and price momentum. The firm uses proprietary quantitative tools to support internal and external investment research. The firm will sell a stock when: (1) events occur which affect the expectations of the stock's long-term earnings growth (2) there is a loss of earnings momentum that is not recoverable within six months or (3) when significantly more attractive investment opportunities are identified. BCM's dividend equity strategy employs a disciplined, yield-driven buy and sell process that focuses on S&P 500 stocks with currently high yields. The firm's fixed-income investment strategy seeks to add value through security and sector valuation analysis without depending on the uncertainty of interest rate forecasting. This process incorporates a disciplined, conservative approach to active management. The firm believes that periodically repositioning a portfolio's emphasis toward those fixed-income characteristics that will benefit most during certain phases of the business cycle can produce consistently superior performance. Part of this portfolio repositioning is an intensive look at earnings and revisions of earnings estimates by corporate bond issuers with a focus on investing in companies that can improve their ability to service their debt in the future. BCM overlays this analysis with a macro review of the current position in the business cycle.