Richard John Ciecka

Capital Management employs an active, quality-driven, bottom-up equity investment approach in which stock selection is the primary focus. Fundamental research is augmented by quantitative research models. Risk in the equity market is mitigated by constructing well-diversified, sector-neutral portfolios and monitoring risk exposures to determine that they are constrained within acceptable limits. Within the fixed income market, the firm employs a quality, credit-rating-driven, bottom-up approach. The focus is on using credit research to identify risk-adjusted incremental yield spreads. Risk in the fixed income markets is controlled by managing duration and maintaining diversification as appropriate.