Even the best investment ideas have risk which must be
managed. Our portfolio managers focus on avoiding or reducing
unnecessary volatility and investment draw-downs as rigorously
as they seek returns. We look at risk when we select, size and
manage each investment for each Fund. We have agreed
controls on how big positions can be, how many funds can hold
one company and what our reaction should be to good and bad
news. This discipline is consistent across all funds but can be applied differently depending on what each fund invests in.