US All-Cap Opportunities Equity Fund

The All-Cap Opportunities Strategy is a strategy where we can invest across the market cap spectrum and also across the style spectrum as opportunities arise in the market. So the primary benchmark is the Russell 3000, and our goal is to just try to consistently outperform that benchmark. Pivoting, zigging and zagging as opportunities shift. Sometimes getting growthier, sometimes tilting more towards value, sometimes being a little bit more up cap, sometimes being a little more down cap. The important thing to know about four pillars is that it's a framework I've been using to select stocks since around 2011. I use it as an analyst. I've used it as a fund manager. So it's got well over a decade of history under its belt and I believe in it pretty strongly. In terms of the way that the four pillars process works philosophically, I believe that stock prices over the short to medium term, call it 1 to 2 years, are a function of supply and demand. And what that means, you know, a high quality stock doesn't go up because it's high quality, a high quality stock goes up because somebody is buying it and somebody else who owns it doesn't want to sell it unless the price is a little bit higher.  And so each of the four pillars represents an incremental reason for somebody like me, somebody doing fundamental research on an equity to be interested in buying it. And the goal is to stack together as many positive attributes, as many incremental reasons for somebody to want to buy a stock as you can, because the more things you have working in your favor, the higher the hit rate's going to be on that idea and the greater your probability of success if you follow the process systematically. A lot of people hear the four pillars framework and just think, this is an algorithm and I can just plug in the inputs into the algorithm and, so to replicate the model. And what I'd say is that it's actually in practice a lot harder to do that than you'd think. Each of the pillars has significant judgment overlay to it and scores are changing in real time. I'm updating them constantly, at least once a quarter for each stock I cover. And I think that the fact that it is so fluid and mercurial in a sense is what makes this hard to replicate.