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(Formerly Hughes Capital Management, LLC)

Investment Process
Top-Down Portfolio Strategy
Fundamental Macro & Econometric Input
Target Sources of Portfolio Alpha
Global macroeconomic outlook drives sector allocations within
the portfolio.
Overweight sectors expected to outperform in the anticipated
environment.
Sub-sector allocations - fundamental analysis and relative value
assessments underlie sub-sector and security level decision making.
Security selection.
High levels of risk are avoided in favor of risk-adjusted returns.
Bottom-Up Sector Strategies


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