Dan Burns

Beekman Capital Management Ltd. ('BCM') is an aggressive growth equity manager whose objective is to provide superior returns. We look for top quality, highly focused industry leading companies that have a 'growth dynamic,' that is, the ability to generate high, consistent and substantial revenue, product unit and earnings in excess of 15% for the next three years, having previously done so for six or more consecutive quarters. Beekman conducts various screens of 10,000 North American companies to identify potential investments that meet base level financial parameters. The fundamental analyses are performed in-house with limited use of Wall Street sources. Each potential company is subjected to a fundamental review to verify that its growth is genuine and likely to persist for a protracted length of time. They undertake early and frequent contacts with company managements to encourage them to articulate their business plans, directions, goals and financial milestones. This is done to develop confidence in the company's prospects and the abilities of its management, and provide a consistent framework for ongoing reviews. Strong financial controls must be in place. They prefer a low/no debt balance sheet with a high ROE and strong operating margins. Positive price momentum is a supporting technical indicator. Once an investment idea is approved, it must also compare favorably with existing portfolio holdings. All investments must consistently and continuously exhibit strong operating and financial performance. Investment positions are established gradually at levels for 1% to 3% of the total portfolio's value. Portfolios may be concentrated by sector or industry. However, this is a result of their emphasis on a growth dynamic rather than the result of any top-down secular view. They apply investment judgment to dampen volatility and achieve portfolio diversification. A portion of Beekman's portfolio may be held in cash, if permitted by client objectives, when the market environment is unfavorable and the firm finds that attractive growth companies are too richly valued. Their targeted companies provide leading edge products and services and have superior managements. A small portion of the portfolio can be invested in special situation or companies that do not meet the full investment criteria. These companies must, however, have leading edge technology or be introducing important and potentially dominant products or services. Portfolio construction is strictly on a stock-by-stock basis. The process involves reacting very quickly to significant or persistent changes in fundamentals. Beekman generally invests in equities whose p/e ratios are less than twice its expected growth rate. Investments are eliminated when the milestones and goals established by a company's own management and Beekman's analysts are not being met, and the company ceases to exhibit an exceptional record of financial accomplishment and product/service dominance or when the firm believes that an alternative investment offers significantly greater potential return. Negative price action will cause them to reduce the position.

Avalon Trust utilizes independent, fundamental research. The firm complements their bottom-up approach with top-down research that considers the broad economic factors and trends that impact client’s investments. Portfolios are diversified across asset classes, industries and global geographies to preserve and grow client’s wealth.

Provides accounting services

Functions as a College/University

Functions as a College/University

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