W E D G E W O O D P A R T N E R S , I N C .
Investing in the Best Businesses in America Large Cap Growth
Focused Investing
Note: This presentation should be viewed in conjunction with our ADV Part II which can be obtained by visiting our website and clicking on “ADV Part II.”
3rd Quarter 2013
Table of Contents Wedgewood Partners Overview ….………………………………………………………………………………………………………………….………………………...
3
Investment Philosophy ………………………………………………………………………………………………………………………………………….…………………
5
Portfolio Guidelines …………………………………………………………………………………………………………………………………………………………………
12
Portfolio Sector Breakdown ……………………………………………………………………………………………………………………………………..………………
13
Summary: The Structural Advantage of Focus Investing………………………………………………………………………………….……………………........
14
Performance Annual Net Performance …………………………………………………………………………………………………………………………………………….………..
15
Annual Performance vs. Russell 1000 Growth ……………………………………………………………………………………………………………….……….
16
Performance in Up and Down Markets …………………………………………………………………………………………………………………………….……
17
Wedgewood vs. Peers Up Market/Down Market Capture ………………………………………………………………………………………………….…….
18
Wedgewood vs. Peers Historical Performance Record ………………………………………………………………………………………………………..….
19
Performance Statistics ………………………………………………………………………………………………………………………………………………………...
20
Historical Turnover …………………………………………………………………………………………………………………………………................................................
21
Crash and Recovery …………………………………………………………………………………………………………………………………………………………..…
22
Disclosure ………………………………..…………………………………………………………………………………………………………………………………………….
23
Biographies ……………………………………………………………………………………………………………………………………………………………………….……
25
Audit Information ..…………………………………………………………………………………………………………………………………………………………….......
27
Wedgewood Partners, Inc. • St. Louis Based Investment Firm Founded in 1988 • Single Investment Strategy • Large Cap Growth Investors • Focused Investment Style • 18-22 holdings • Multiple Vehicles • Separately Managed Accounts • RiverPark/Wedgewood Fund (Tickers: RWGIX & RWGFX) • Unified Managed Accounts
• Peer Leading 20-Year Performance Record
3
Wedgewood’s Organizational Structure • 100% Employee Owned • 18 Employees, Robust Back Office • Key Investment Professionals • • • •
Anthony L Guerrerio, President & CEO David A. Rolfe, CFA, Chief Investment Officer Dana L. Webb, CFA, Senior Portfolio Manager Michael X. Quigley, CFA, Portfolio Manager
• Key Operations Professionals • Sheila R. Kilper, Compliance Officer • Sheila D. Godfrey, Head Trader
• Marketing Affiliation with RiverPark Capital
4
We Believe There Is:
A Structural Advantage to Focus Investing • Fewer, But More Impactful Decisions. • The Best Business Models Are Hard to Break. • The Large Cap Growth Universe Is Very Efficient. “Identifying 50-75 great businesses selling at attractive prices is a loser’s game; but a portfolio of just 20 undervalued companies, now you have a horse race!”
5
Wedgewood’s Investment Process Begins Where Other Managers Finish Large Cap Growth Universe 500-600 Companies
Measures of Past Excellence •Return on Equity >25% •Return on Capital >20% •Cash Flow ROI >15% •EPS Growth >15% •Revenue Growth >12%
Research Universe 100 Companies
Wedgewood Universe 40 Companies
Quest for Future Excellence •Barriers to Entry •Threat of Substitutes •Buying Power •Supplier Power •Degree of Internal Rivalry
Portfolio 18-22 Positions
Catalyst Risk Management
Valuation Portfolio Construction 6
Wedgewood’s Investment Process All 3 Legs Are Required to Ensure Stability
Fundamental Research • • •
18-22 Portfolio Holdings
Competitive Advantage Growth Financial Strength
Risk Management • •
Position Size Limits Business Model Overlap
Valuation
7
Investment Process Designed to Generate Above Average Returns While Managing Risk Fundamental Research Step 1: Structured Competitive Advantage •
Profit and Cash Flow Generation
•
Market Share Gains During Turbulent Times
Step 2: Double Digit Growth •
Growth Drives Long-term Price Appreciation
•
Intrinsic Value Grows Every Year
Step 3: Financial Strength •
Supports Reinvestment in Growth Opportunities
•
Minimize the Need for Dilutive Capital
8
Investment Process (continued)
Step 4: Compelling Valuation •
Contrarian/Value-based Opportunistic Investing
•
Impact of Short-term Disappointments Is Minimized
Step 5: Portfolio Construction •
Position Sizes Are Dictated by Valuation And Risk Parameters
•
Limited Business Model Overlap
9
Focused Investing = High Risk Risk Management in a Focused Fund • Proven Business Models • Wedgewood Universe of companies are, by definition, already successful and less risky. • Value Oriented • High P/E valuations are avoided and strict purchase and sell disciplines are followed. • Diversification • We avoid investing in companies in the same industry with high business correlation risk. • Portfolio Management Risk • Only rarely will a specific holding represent more than 10% of the overall portfolio. • Firm Risk • We are an independent firm, and are not susceptible to benchmark and herd mentality risk.
Wedgewood’s Focused Strategy should yield investors at least 1% positions in each of what we believe are the Best Businesses in America. • Example: • A 20% Allocation to Wedgewood • Position sizes in Wedgewood Average 5% • Resulting in 1% positions in what we believe are the Best Businesses in America
10
Wedgewood Adheres to a Strict Sell Discipline 1. Sales are made as intrinsic value appraisals are realized • Valuation models are continuously updated 2. Recognizing Investment Mistakes • Warrant an immediate sale 3. Opportunity for new investment • The superior risk reward profile of a new investment causes the sale of the least attractive portfolio holding 4. Portfolio structure/risk management weighting guidelines • Industry concentration and position sizes often contribute to investment decisions
11
Wedgewood Portfolio Guidelines • • • • • • • •
Annual Portfolio Turnover: 20-30% # of Holdings: 18-22 Cash Position: typically 3-5% Maximum Sector Exposure: 35% Maximum Business Model Exposure: 15% Maximum Individual Stock Weighting: 10% Minimum Individual Stock Weighting: 2% Minimum Market Capitalization: $5 Billion
12
Wedgewood Portfolio Sector Breakdown* as of September 30, 2013 Healthcare (15.9%) • Express Scripts
Financials 18.0%
• Perrigo
5.7% 3.9%
• Varian Medical
3.2%
Technology (31.6%)
9.2%
6.8%
• Apple • Qualcomm
6.1%
2.1%
• Cognizant Technology • EMC Corp. • Google
• Gilead Sciences
3.1%
7.2% 5.8%
Cash Consumer Staples
Consumer Discretionary
6.6%
5.6% 4.8%
Energy 11.9%
Industrials
Wedgewood Believes That Sectors Include Companies With Very Different Business Models. Portfolio Holdings are shown as supplemental information only and complement the compliance presentation included as an exhibit. Portfolio Holdings should not be deemed as a recommendation to buy these securities.
13 *Based on RiverPark/Wedgewood Fund
Summary: The Structural Advantage of Focus Investing • Focused Portfolio • Market leaders with long-term, sustainable competitive advantages. • Only our 20 best ideas make it into the portfolio.
• Patient Investing • We are investors, not traders. • Analyze business with a time horizon measured in years. • Patiently wait for opportunities to purchase great businesses at attractive prices.
• Disciplined Culture • While we invest in growth businesses; Valuation is key. • We are anti-momentum, contrarian growth investors. • Our goal is to generate strong up-market and down-market capture performance. “We believe in both classic growth and value investing tenets.” 14
Wedgewood Partners Inc. Annual Net Performance ending September 30, 2013 25% 20% 15% 10% 5% 0%
WWP Net R 1000 Growth S&P 500
Third Quarter
Year to Date
1 Year
3 Year
5 Year
7 Year
10 Year
20 Year
Since Inception: 9/30/92
8.76% 8.11% 5.24%
17.42% 20.87% 19.79%
17.53% 19.27% 19.34%
18.14% 16.94% 16.27%
16.13% 12.07% 10.02%
10.71% 7.60% 5.60%
9.79% 7.82% 7.57%
13.00% 8.18% 8.80%
12.14% 8.08% 9.00%
Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. Please refer to the Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.
15
Wedgewood Annual Performance vs. Russell 1000 Growth 80%
60%
40%
20%
0%
-20%
-40%
-60%
1993
1994
1995
1996
1997
1998
1999
2000
2001
2004
2005
2006
WWP (Gross)
-5.26%
4.81%
43.90%
24.74%
22.27%
50.97%
58.41%
-9.38%
-6.76%
-19.57% 43.56%
10.68%
6.89%
-1.79%
WWP (Net)
-6.21%
3.78%
42.59%
23.57%
21.10%
49.60%
56.99% -10.31%
-7.72%
-20.42% 42.25%
9.61%
5.84%
R 1000 Growth
2.90%
2.66%
37.19%
23.12%
30.49%
38.71%
33.16% -22.42% -20.42% -27.89% 29.75%
6.30%
5.26%
Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. Please refer to the Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.
2002
2003
2010
2011
2012
15.72% -37.77% 61.84%
2007
2008
2009
15.36%
6.40%
22.67%
-2.77%
15.04% -38.12% 60.83%
14.50%
5.61%
21.75%
9.08%
11.81% -38.44% 37.21%
16.71%
2.64%
15.26%
16
Wedgewood Performance in Up and Down Markets (10 years ending December 31, 2012) Wedgewood vs. R1000 Growth
Performance Capture
10% Average Quarterly Performance
Up Markets Down Markets
5%
112% 82%
0% -5%
-10%
Correlation Statistics Up Markets 27 Quarters
Down Markets 13 Quarters
WWP Gross
7.6%
-6.0%
R 1000 Growth
6.8%
-7.3%
Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. All calculations were conducted by the Advisor and/or RiverPark. Please refer to the included Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.
Alpha Beta R-Squared
3.46% 1.05 0.90
17
Wedgewood vs. Peers Up Market/Down Market Capture (5 Years ending September 30, 2013) Product Wedgewood Partners
Upside Cap Ratio
Downside Cap Ratio
Upside/Downside
ROR
110.03
84.60
1.30
16.97
116.20 91.99 92.20 101.90 82.21 89.88 137.99 101.57 106.31
101.08 96.02 103.41 107.79 90.83 87.64 100.33 100.81 105.04
1.15 0.96 0.89 0.95 0.91 1.03 1.38 1.01 1.01
15.52 10.92 9.72 11.14 9.52 11.82 20.47 12.29 12.61
Select Peers Brown Advisory Large Cap Growth Edgewood Management Large Cap Growth Janus Twenty Fund Marsico Capital Focus Growth Montag & Caldwell Large Cap Growth Polen Capital Large Cap Growth Sands Capital Select Growth Victory Large Cap Growth Winslow Capital Large Cap Growth
(10 Years ending September 30, 2013) Product Wedgewood Partners
Upside Cap Ratio
Downside Cap Ratio
Upside/Downside
ROR
106.24
86.00
1.24
10.65
113.69 106.48 117.81 105.94 88.70 89.13 136.29 117.51 118.26
95.25 94.46 101.83 101.47 82.29 74.67 113.32 107.12 103.47
1.19 1.13 1.16 1.04 1.08 1.19 1.20 1.10 1.14
10.73 9.62 10.55 8.63 8.11 9.09 11.99 9.79 10.40
Select Peers Brown Advisory Large Cap Growth Edgewood Management Large Cap Growth Janus Twenty Fund Marsico Capital Focus Growth Montag & Caldwell Large Cap Growth Polen Capital Large Cap Growth Sands Capital Select Growth Victory Large Cap Growth Winslow Capital Large Cap Growth PSN database as of 9/30/13. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. Gross returns are shown as supplemental information only and complement the compliance presentation included as an exhibit. The peer companies were chosen by Wedgewood as well-known growth managers and direct competitors.
18
Wedgewood vs. Peers September 30, 1993 to September 30, 2013 QTD
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
Standard & Poor's 500
5.24
19.34
16.27
10.02
5.60
7.57
5.33
8.80
Russell 1000 Growth
8.11
19.27
16.94
12.07
7.60
7.82
4.28
8.18
Wedgewood Partners Large Cap Focused Growth
8.98
18.44
19.04
16.97
11.48
10.65
11.31
13.99
Brown Advisory Large Cap Growth
8.16
19.49
16.46
15.52
11.21
10.73
7.65
N/A
Edgewood Management Large Cap Growth
8.35
23.15
18.62
10.92
8.95
9.62
7.37
N/A
Janus Twenty Fund
10.89
19.35
13.59
9.72
8.57
10.55
6.03
9.89
Marsico Capital Focus Growth
6.81
21.57
16.08
11.14
7.21
8.63
7.87
N/A
Montag & Caldwell Large Cap Growth
4.52
14.40
14.64
9.52
8.21
8.11
5.77
9.85
Polen Capital Large Cap Growth
6.77
9.84
14.80
11.82
9.59
9.09
8.31
12.94
Sands Capital Select Growth
19.06
28.88
24.52
20.47
12.84
11.99
9.57
13.64
Victory Capital Large Cap Growth
11.77
15.36
13.75
12.29
8.70
9.79
N/A
N/A
Winslow Capital Large Cap Growth
11.16
22.25
16.67
12.61
9.10
10.40
7.04
9.31
PSN database as of 9/30/13. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. Gross returns are shown as supplemental information only and complement the compliance presentation included as an exhibit. The peer companies were chosen by Wedgewood as well-known growth managers and direct competitors.
19
Wedgewood Partners Summary Performance Statistics (PSN Database September 30, 2013) Annualized Rate of Return
Alpha
Batting Average
Upside Capture
Downside Capture
Statistic
19.04%
2.94%
67%
101.19%
77.86%
Percent Rank
7%
5%
3%
45%
10%
Statistic
16.97%
4.40%
60%
110.03%
84.60%
Percent Rank
2%
3%
10%
10%
5%
Statistic
11.48%
3.81%
57%
105.14%
81.62%
Percent Rank
2%
4%
18%
34%
8%
Statistic
10.65%
2.71%
52%
106.24%
86.00%
Percent Rank
5%
8%
39%
36%
17%
Statistic
11.31%
7.04%
62%
122.88%
83.59%
Percent Rank
1%
2%
10%
7%
49%
Statistic
13.99%
5.66%
61%
115.67%
81.24%
Percent Rank
1%
7%
7%
7%
49%
Periods ending 6/30/13
Number of Managers
3 Year 153
5 Year 149
7 Year
10 Year
15 Year
20 Year
PSN database as of 9/30/13. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. Gross returns are shown as supplemental information only and complement the compliance presentation included as an exhibit.
138
120
83
41
20
Portfolio Turnover is Dictated by Market Conditions 2009, an exception to the rule •Average historical portfolio turnover 15-20% •2009 investment performance 61.9% •2009 portfolio turnover 50% •A year of profit taking and positioning the portfolio into our most attractively priced investments
Wedgewood Portfolio March 9, 2009 Apple Berkshire Hathaway CL B Qualcomm Google Monsanto Cognizant Technology Goldman Sachs Express Scripts EMC Expeditors International Gilead Sciences National Oilwell Varco American Express Ecolab Visa Northern Trust Wells Fargo Varian Medical Systems Western Union
Portfolio Holdings are shown as supplemental information only and complement the compliance presentation included as an exhibit. Portfolio Holdings should not be deemed as a recommendation to buy these securities.
January 2010 10.1% 9.3% 8.9% 7.9% 6.4% 6.3% 6.2% 6.1% 4.4% 4.3% 4.2% 4.2% 3.7% 3.6% 3.3% 2.9% 2.9% 2.6% 2.6%
Apple Berkshire Hathaway CL B Gilead Sciences Google Express Scripts Cognizant Technology Monsanto Pepsi Goldman Sachs Qualcomm Visa Wellpoint EMC Ecolab Jacobs Engineering Expeditors International Paychex Varian Medical Systems Western Union Whole Foods Market Lowes Companies
8.0% 7.1% 7.0% 6.3% 6.2% 5.8% 5.8% 5.4% 5.3% 5.2% 5.1% 4.9% 4.0% 3.4% 3.4% 3.3% 3.3% 3.3% 2.7% 2.5% 2.0%
21
Wedgewood Performance October 2007-December 2010 Crash and Recovery Performance Capture Recovery Crash
117.5% 76.7%
PSN Percentile Recovery Crash
PSN Data and analysis as of 12/31/10. PSN Universe of 122 Large Cap Growth Managers. Past performance is not indicative of future results. Returns are calculated gross-offees and are preliminary and subject to change.
Top 7% Top 3%
22
WEDGEWOOD PARTNERS, INC. EQUITY COMPOSITE ANNUAL DISCLOSURE PRESENTATION PAGE ONE OF TWO Composite Assets
Annual Performance Results Composite
3 Year Standard Deviation
Year End
Total (millions)
UMA Assets (millions)
Firm Assets (millions)
U.S. Dollars (millions)
Number of Accounts
Net
Gross
S&P 500
Russell 1000 Growth
Composite Dispersion
WWP Gross
S&P 500
Russell 1000 Growth
2012
3,030
731
2,299
1,619
1,606
21.75%
22.67%
16.00%
15.26%
0.4%
15.34
15.09
15.66
2011
1,252
236
1,016
775
1,079
5.61%
6.40%
2.11%
2.64%
0.7%
18.14
18.71
17.76
2010
865
185
680
481
764
14.50%
15.36%
15.06%
16.71%
1.0%
22.24
21.85
22.11
2009
546
62
484
305
523
60.83%
61.84%
26.46%
37.21%
2.6%
20.58
19.63
19.73
2008
348
12
336
202
439
-38.12%
-37.77%
-37.00%
-38.44%
1.3%
15.72
15.08
16.40
2007
552
5
547
367
508
15.04%
15.72%
5.49%
11.81%
1.4%
9.57
7.68
8.54
2006
627
7
620
334
570
-2.77%
-1.79%
15.80%
9.08%
1.2%
8.80
6.82
8.31
2005
451
-
451
252
320
5.84%
6.89%
4.91%
5.26%
1.3%
12.08
9.04
9.53
2004
298
-
298
176
190
9.61%
10.68%
10.87%
6.30%
2.5%
19.47
14.86
15.45
2003
226
-
226
123
134
42.25%
43.56%
28.68%
29.75%
5.8%
2002
154
-
154
93
130
-20.42%
-19.57%
-22.10%
-27.89%
2.6%
2001
202
-
202
117
129
-7.72%
-6.76%
-11.88%
-20.42%
2.5%
2000
217
-
217
129
112
-10.31%
-9.38%
-9.11%
-22.42%
5.1%
1999
200
-
200
120
78
56.99%
58.41%
21.04%
33.16%
10.0%
1998
100
-
100
50
51
49.60%
50.97%
28.58%
38.71%
6.4%
1997
58
-
58
21
32
21.10%
22.27%
33.36%
30.49%
5.6%
1996
44
-
44
11
23
23.57%
24.74%
22.96%
23.12%
5.0%
1995
33
-
33
3
9
42.59%
43.90%
37.58%
37.19%
4.9%
1994
24
-
24
<1
Five or fewer
3.78%
4.81%
1.32%
2.66%
N.A.
1993
20
-
20
<1
Five or fewer
-6.21%
-5.26%
10.08%
2.90%
N.A.
1992
16
-
16
<1
Five or fewer
N.A. – Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. For GIPS Purposes, UMA assets are not part of Firm Assets and are not considered “under management” since Wedgewood has either no or only partial trading discretion and on occasion may be shown as additional information. Returns are presented gross and net of fees and include the reinvestment of all income. Gross returns are shown as supplemental information because wrap accounts are calculated gross of all fees and transaction costs. Gross returns of non-wrap accounts are reduced by custodial fees and transaction costs. Net returns are reduced by all fees and transaction costs incurred.
23
WEDGEWOOD PARTNERS, INC. EQUITY COMPOSITE ANNUAL DISCLOSURE PRESENTATION PAGE TWO OF TWO Equity Composite contains fully discretionary taxable and non-taxable growth equity accounts. For comparison purposes, the composite is measured against the S&P 500 and Russell 1000 Growth indices. The minimum account size for this composite is $65 thousand. Wedgewood Partners, Inc. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Some accounts in the composite may pay an all-inclusive wrap fee based on a percentage of assets under management; these accounts are reduced by all actual fees and transaction costs incurred. Other than brokerage commissions, this fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Wrap accounts represent approximately 26% of the composite's assets as of December 31, 2012, 34% of the composite's assets as of December 31, 2011, 43% of the composite's assets as of December 31, 2010, 31% of the composite's assets as of December 31, 2009, 20% of the composite's assets as of December 31, 2008, 13% of the compositeâ&#x20AC;&#x2122;s assets as of December 31, 2007, and approximately 18% of the composite's assets as of December 31, 2006. Wrap fee schedules are provided by independent wrap sponsors and are available upon request from the respective wrap sponsor. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The management fee schedule is as follows: 1.50% under $1 million; 1.25% for $1 million to $2.5 million; 1.00% for $2.5 to $5 million; and 0.75% over $5 million. Actual investment advisory fees incurred by clients may vary. Carve-outs are included in this composite and performance reflects total segment plus cash returns using an actual pro rata allocation. Prior to May 1, 2004, performance reflected total segment plus cash returns using a beginning of period allocation and a fixed total of 5% cash. As of January 1, 2010 no percent of the composite's assets were comprised of carve-out segments. As of December 31, 2009, approximately less than one half percent of the composite's assets were comprised of carve-out segments. As of December 31, 2008, December 31, 2007, and December 31, 2006, approximately 1%, 1%, & 2% of the composite's assets were comprised of carve-out segments. The Equity Composite was created in 2002. Wedgewood Partners, Inc. claims compliance with the Global Investment Performance Standards (GIPSÂŽ) and has prepared and presented this report in compliance with the GIPS standards. Wedgewood Partners, Inc. has been independently verified for the period October 1, 1992 through December 31, 2012. A copy of the verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
24
Investment Professionals Anthony L. Guerrerio, President and CEO Mr. Guerrerio is the founder of Wedgewood Partners, Inc., and serves as its President and Chief Executive Officer. Mr. Guerrerio has over 25 years of experience in the investment management industry. Mr. Guerrerio is a Trustee of the Opera Theatre of Saint Louis; the Gregorian University Foundation and a Director of Our Ladyâ&#x20AC;&#x2122;s Inn. He received a Bachelor of Science in Engineering from the United States Military Academy at West Point in 1969 and his MBA from Harvard University in 1977.
David A. Rolfe, CFA, Chief Investment Officer Mr. Rolfe joined Wedgewood Partners as our CIO in 1992 bringing with him the philosophy and process which formed our Large Cap Growth product. Prior to joining Wedgewood, he served as Portfolio Manager for four years at Boatmenâ&#x20AC;&#x2122;s Trust Company. He holds a Bachelors degree in Finance from the University of Missouri-St. Louis. He is a member of the CFA Society of St. Louis, where he has served as an Officer and Director.
25
Investment Professionals Dana L. Webb, CFA, Senior Portfolio Manager Ms. Webb joined the Investment Management team in 2002. She holds a Bachelors degree in Finance from St. Louis University and a Masters degree in Banking and Financial Management from Boston University. She is currently a member of the CFA Society of St. Louis.
Michael X. Quigley, CFA, Portfolio Manager Mr. Quigley joined the Investment Management team in 2006. He holds a Bachelors degree in Finance from St. Louis University and is currently a member of the CFA Society of St. Louis.
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Ashland Ashland Partners & Company LLP is the leading specialty firm providing Global Investment Performance Standards (GIPS速) verification and compliance consultation services to the investment management industry. The GIPS standards are ethical standards for investment performance presentation to ensure fair representation and full disclosure of an investment management firm's performance. Verification is the independent review of an investment management firm's claim of compliance with the GIPS standards. Verification tests: Whether the investment firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis. Whether the firm's processes and procedures are designed to calculate and present performance results in compliance with the GIPS standards. Verification is firm-wide and cannot be carried out for a single composite. A composite specific performance examination can be conducted on a particular composite, but only in conjunction with a firm-wide verification. For more information on the GIPS Standards, please visit www.gipsstandards.org. For more information on Ashland Partners, please enter our website http://www.ashlandpartners.com/.
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