Todd Alan Wulfson

Frazer Management Associates (FMA) believes that their contrarian philosophy is an optimistic one. They work to identify stock 'gems' with the brightest of prospects. However, at the time when they invest in an issue, it is typically out-of-favor with or simply overlooked by the market. It may be a time when the Wall Street crowd believes, without justification, that a company is an underachiever or is one with a future of continual disappointments. It also may be a time when Wall Street is looking elsewhere and not paying attention to an emerging growth company. Unlike other managers who invest only in either growth or value stocks, FMA's contrarian philosophy does not restrict them. From high technology to consumer goods to natural resource companies, they diversify portfolios across a wide spectrum. They invest client portfolios in growth and value stocks and large and small companies. Their approach can be characterized as encompassing the styles GARP, value and turnaround. Before FMA purchases stocks, they must pass a rigorous process of analysis. They study financial statements, review SEC filings and construct or analyze models for the future. The firm evaluates products and services with an eye toward competitive factors including barriers to entry. At times, they employ industry experts to aid FMA in evaluating a company's business plans and its place in the industry. The firm is a long-term investor, with an average holding period of four years. There are situations however, where they recognize that it is appropriate to take a short-term gain. FMA looks to sell a stock near the peak of its appreciation.

Rock Point Advisors is a value investor that manages portfolios in the context of each client’s financial objectives and risk tolerances. The firm creates high-conviction portfolios through a process that emphasizes appropriate asset allocation and careful security selection.

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