June 27, 2013 - Public Employees Retirement Association of New ...
June 27, 2013 - Public Employees Retirement Association of New ...
June 27, 2013 - Public Employees Retirement Association of New ...
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SMALL/MID CAP GROWTH INVESTMENT PROCESS<br />
Research-Driven, Bottom-Up Discipline<br />
STEP 1 STEP 2 STEP 3<br />
Market Cap<br />
Criteria<br />
≥$300 million<br />
≤$5 billion<br />
2,500 stocks<br />
Growth Criteria<br />
3 Yrs. Projected<br />
EPS/Sales growth<br />
≥15%<br />
1,000 stocks<br />
PRIMARY<br />
REQUIREMENTS<br />
Exceptional<br />
management<br />
Distinct, sustainable<br />
competitive<br />
advantage<br />
Strong, consistent<br />
growth<br />
WORKING<br />
UNIVERSE<br />
400 STOCKS<br />
FURTHER<br />
IN-DEPTH<br />
ANALYSIS<br />
Management<br />
scrutiny<br />
Financial<br />
modeling<br />
Valuation<br />
Price<br />
targets<br />
PORTFOLIO<br />
CONSTRUCTION/<br />
RISK MANAGEMENT<br />
Sector/security<br />
diversification<br />
Active<br />
oversight<br />
Sell<br />
discipline<br />
PORTFOLIO<br />
100<br />
STOCKS<br />
11
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