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 />
Further In-Depth Analysis<br />
Management scrutiny<br />
Approximately 1,500 management<br />
meetings per year<br />
On site due diligence <strong>of</strong> manufacturing/<br />
production facilities<br />
Further management discussions<br />
Financial Modeling<br />
Traditional financial analysis<br />
Models based on internally generated<br />
growth forecasts<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 />
Valuation tailored to industry<br />
Price/earnings at a discount to<br />
earnings growth<br />
Attractive price/earnings relative to<br />
industry group<br />
Price/revenue, price/cash flow, etc.,<br />
as appropriate<br />
Establish targets for each stock<br />
25-50% price appreciation potential over 12<br />
to 18 months<br />
<br />
Re-evaluate based on evolving fundamentals<br />
and current market conditions<br />
13
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