Sell Process
We have a simple Four-Step Sell Process:

• We sell a company that breaches our ownership thesis and fundamentally reduces our long term outlook and valuation.

• We trim back a company whose weight exceeds 6% of any portfolio to avoid security concentration.

• We trim back (sell) a company whose market capitalization exceeds approximately $3 billion in the Small Value Portfolio to maintain our style discipline.
  

• We trim back (sell) a company that exhibits a lower (inadequate) level of return relative to alternative investment opportunities.