We believe that attractive returns can be achieved over a full market cycle, within the midcap domestic equity universe, by combining a systematic quantitative approach with traditional fundamental analysis. Simply put, our process focuses on the identification of value and the ability to purchase it at a reasonable price. Our systematic process utilizes a proprietary valuation model to identify and rank companies by their current and future values. We then employ fundamental analysis to verify the rankings derived from the quantitative screening and construct a diversified portfolio, of 50 to 75 securities, from the most attractive candidates. This is a process that generates alpha through stock selection, not market timing or sector rotation.