International Value Equity Sell Discipline.

 

One or more of the following would trigger a sale of a stock:

Value Screening Process: Stock that appears fully valued within its sector.

Deteriorating Fundamentals: When a company experiences excessive margin compression, weakened coverage, incurring debt to cover weak operating cash flow.

Absence of a Near-term Catalyst: Catalysts have been realized or eliminated.

Size Limitation Reached: Once a stock reaches 3% of the portfolio, we review for partial sale or elimination.

Sector Limitation Reached: When the performance of a stock causes the sector to become excessively over weighted versus its target weighting, we review it for partial sale or elimination.

Regional Developments: Concerns regarding political instability or deteriorating economic fundamentals.