Capital Markets Spring 2020

Navigating Through a Crisis

Our firm has navigated seven recessions and countless crises, including the Global Financial Crisis, the dot.com bubble burst, the Asian Financial Crisis, and September 11th during our more than 55 years of investing in growth equities. We believe that the lessons learned throughout these events are applicable during this current crisis. First, our experience and research show that innovation grows through all kinds of economic volatility. Second, strong competitive advantages often translate into expanded market shares in times of stress in the economy. Third, in our view, liquidity and balance sheet flexibility are paramount so that great companies can survive and thrive in the inevitable recovery. Throughout these market changing events, equities, and in particular, equities of innovative companies that aggressively capture market share and maintain strong balance sheets, have historically been highly resilient.

We continue to use our time-tested approach to seek companies that we believe are best positioned for uncertain times.

Daniel C. Chung, CFA Chief Executive Officer Chief Investment Officer

Brad Neuman, CFA Senior Vice President Director of Market Strategy

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